Asking Price: What Is It?

As you prepare to sell your home, you will need to set an asking price. This step is vital to ensuring you receive offers that are in line with your home’s market value. You’ll streamline the process, too, since your home will be more appealing to more prospective buyers. The Jana Caudill Team can help you choose a suitable price that helps you sell your home faster and for a great profit. Here’s what you need to know about the asking price and what factors to consider when setting one for your home. 

What Is an Asking Price?  

The asking price for a home, also called the listing price, is the amount of money a seller requests for their home. A seller and their realtor decide on an asking price as a means to initiate the selling process with potential buyers. Keep in mind that the asking price isn’t necessarily how much a seller will get for their home. The final price will be negotiated between the buyer and the seller. 

Asking Price Vs. Selling Price: What’s the Difference?

While they may appear to be similar, the asking price and selling price of a home are different. A home’s asking price is the amount it is listed for, while the selling price is what the buyer ends up paying. These amounts can sometimes be the same, but typically, they aren’t. For example, the selling price of a home might be higher than its listing price in a seller’s market. This is due to high demand, which may lead to a bidding war that drives up the home’s final price. 

Deciding On An Asking Price for Your Home

Setting an asking price for a home is an art. Setting a price that’s too high can mean buyers will be less interested, keeping your home on the market longer. Take these steps when setting an asking price that appeals to a broad range of prospective buyers: 

• Talk to a Seller’s Agent. A seller agent is a professional who represents you through the entire transaction. Their professional guidance can help you select a price that gets attention from interested buyers.

• Get a Home Appraisal. An appraisal is done to reveal your home’s market value based on its age and physical condition, as well as any upgrades you’ve completed. The appraisal compares your home to other properties nearby to estimate its worth. Appraisals are unbiased, which is what makes them so useful when setting an asking price.  

• Prepare for Negotiation. Sellers should anticipate negotiating the asking price with prospective buyers. Your real estate agent can help you with this stage, since we are skilled negotiators who can help you identify a great offer.   

Contact a Real Estate Agent

Selling a home can be complex, but the process is easier to understand with a skilled expert at your side. The Jana Caudill Team prepares you for every step of the journey, and we work hard to protect your best interests as you set an asking price and eventually accept an offer. Contact our realtors to get started.