Pricing Your Home to Sell2/25/2015
I all the time have friends, family, and clients ask me the secret to pricing a home accurately and competitively. The truth is, there is no crystal ball available to agents to help guide our clients in pricing their home to sell, but there are some key things I look at in determining the price.
First, I look at what has sold in the area in the past six months. I study things like what was the condition of the home, improvements, etc. One of the most important things I check for is how many days was it on the market and what did it sell for versus the original list price.
The next thing I study is the competition. I look to see how are those homes priced, how long have they been on the market, and how is it being marketed. An invisible property is rarely going to sell. Also, pictures and descriptions are very important. Pictures and descriptions are the first impression potential buyers have of your home.
The next thing I look at is the area the home is in. Some area sell for faster, and they will bring a higher premium. A home in one part of town that is selling quickly will not have to be priced as aggressively as a home that is in a less desirable area.
After studying all these factors, I then talk with my clients to present what I feel there home is worth. If the home is worth $400,000 and that is what they were wanting to sell for, I would then recommend we list at $400,000. It is true that most buyers will offer less than list price, but that does not mean those same buyers would not pay list price for a property that is priced correctly. If the property is listed higher than what the market is saying the property should be listed at, you run the risk of the property sitting longer and becoming overlooked. The longer the property sits, the more likely that potential buyers will skip over it since they assume it is not a great home since no one else wanted that property previously.
Are you interested to see what your home is worth? Call me today so I can prepare a valuation report for you!