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Setting the Right Price: How to Evaluate Your Northwest Arkansas Property

Everyone wants to sell their home for the right price. But exactly how do you figure out what that magic number is? How do you determine how much your house is really worth, especially when compared with competing homes in your market?

We're going to take you through the most important steps you should take when gauging the value of your Northwest Arkansas home. 

Understand Your Local NWA Market

For starters, you'll need to know the current state of your local NWA real estate industry, including any recent market trends. Setting the right price for your home during a buyer's market is an entirely different ballgame versus listing a home during a seller's market

Determining the right listing price is all about choosing a number that interests potential buyers, maximizes the amount of money you receive for your house, and leaves your home on the market for the shortest amount of time.

Since price is the biggest factor for most would-be buyers, you'd better make sure your price is actually comparable to the cost of homes in your area within the current market.

Gather Details About Your Home

Apart from being a basic necessity for selling your home in the first place, compiling the most important property details about your house will also aid your listing price decision.

Some of the most essential information includes the heated/cooled square footage total, lot size , the number of finished bedrooms and bathrooms, the age of your roof and other vital systems (e.g. the HVAC system and your water heater), and details about your current major appliances.

You should also track down information about any repairs or upgrades you've made to the home, such as installing a new backyard patio or upgrading the bathtub.

Make Your Home as Attractive as Possible

One important tactic that makes it more feasible to raise your sales price is to make your house as eye-catching as you can. Remember that real estate transactions are a form of sales, and in sales, the product is key. In this case, the product is your home, which means you should make it clear that your house is a superior product worth paying more for.

Complete any missing home improvement repairs (such as fixing plumbing issues or finishing a basement), reduce clutter, perform a thorough cleaning of your house, and enlist the help of professional stagers and photographers to put your home in the best possible light.

Determine Your List Price

Once you've done all of this prep work, you need to sit down with your home-selling team and settle on a realistic listing price. Your real estate agent will prepare a comparative market analysis, which essentially compares your home to others in your area while taking into account any relevant factors. These include the condition of your home, updates or renovations, and pricing trends (such as seasonal demand).

With the help of comparative market analysis, you can work with your next real estate agent to gauge your home's estimated value and set a fair market price that will hopefully result in a faster selling journey and a nice profit for you. This analysis also helps fight against a homeowner's natural inclination to price the home a bit higher than it's actually worth.

Be Prepared to Negotiate Your Price

As much work as you and your real estate team put into setting a price, however, the final determination of how much your home sells for relies on the outcome of the negotiation process. Once qualified buyers start submitting offers, you and your team need to be ready to haggle.

Once again, your real estate team will be invaluable in helping you navigate the sometimes complex process of offers and counteroffers. Items up for negotiation include not only the sales price but also who will cover closing costs, which furniture items or appliances are included in the sale, and the closing date.

Negotiating smartly will help make sure the agreement you finally sign gives you the biggest bang for your buck while keeping your property from spending too much time on the market.

Contact a Top-Rated Home Team Today!

Finding the perfect sales price for your home can be complicated. If you want help with this exciting process, reach out to The Summit Home Team to talk with one of our real estate experts!

If you enjoyed this article, check out these other articles about Northwest Arkansas Real Estate:
The Top Trends Influencing Home Sales in Northwest Arkansas
Understanding Buyer Behavior in the Northwest Arkansas Real Estate Market in 2024

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Welcome to The Summit Home team, your personal guides to Northwest Arkansas's vibrant real estate market. Whether you're buying, selling, or investing, our experienced team is here to offer tailored solutions that meet your needs. Connect with us today.