One of the most important decisions to make when you sell your Lake of the Ozarks/Truman Lake home is what amount you should sell it for. Ask too little and you won’t get the best deal. Ask too much and you risk alienating potential buyers, forcing you to eventually drop your price and, more often than not, sell it for less than if you had priced it more appropriately to being with. How do you make sure the sales price is right?
Your first step in pricing your Twin Lakes home to sell is to ask your REALTOR® to run the comps in your area. Comps (or “Comparable Sales”) are a list of homes that were recently sold in any given area. Since home pricing and value can change dramatically from city to city and even neighborhood to neighborhood, you need to know what homes in your particular area recently sold for that are similar in size (bedrooms, bathrooms, square footage), amenities, style and location to your own so you can get a more realistic picture of what you can expect to receive for it.
Don’t use any pricing from home sales dated more than 90 days prior to putting your Lake of the Ozarks/Truman Lake home on the market. As we have seen over the past few years, real estate prices can change dramatically in even a few short months. Even though they have begun to level out, your home may be worth less or possibly even more than it was just a little while ago. Buyers and their representatives are well aware of this fact.
Find out if there were any special deals made on the recent home sales in your area. For example, did the seller offer to pay closing costs? Were they giving buyers downpayment assistance? Did they throw in the furniture for the price offered? You may have to adjust your own home’s price to account for the difference in this additional value given to the buyer.
Use the knowledge and expertise of your REALTOR® to determine if the sales price is right. Real estate agents know the market better than you do. They’ve seen inside other homes in your area. They know intimately what your competition is. When they offer up their advice on what you can expect, don’t take it personally. Simply listen to what they have to say. Remember, they want you to have a successful Twin Lakes sale almost as much as you do!