Pricing Your Home To Sell

Pricing Your Home to Sell

The asking price you set for your home significantly affects whether how many prospective buyers view your home in the first 2-3 weeks. This being the most critical time for a property to be “A NEW LISTING.” As being fresh and new on the market is when you will profit the most in the sale of your home. Studies show the longer a property stays on the market the lower the price it will bear. This has been proven time and time again with final sales price always being lower and a longer market time. My knowledge of the overall market and what's selling - or not selling - will be invaluable in helping you determine the price. The objective is to find a price that the market will bear but won't leave money on the table. 

Real Estate is a different type of business than most, where things happen very quickly and decisions are made with time being of the essence. Time is not on your side when it comes to real estate. Although many factors influence the outcome, perhaps time is the biggest determinant in whether or not you see a profit and how much you profit. Therefore, if your goal is to make money, think about a price that will encourage buyer activity. We come to this market value, you the home seller and me your realtor, by conducting a CMA- comprehensive market analysis. This guides us to Fair Market Value, through analyzing what is currently on the market, your competition, and what has sold that has like characteristics of your home. Remember all buyers and sellers have the information at their fingertips through all our advanced technology. In today’s market no buyer likes to think they are paying over Fair Market Value.

Value vs. Cost. Pricing your home to sell in a timely fashion requires some objectivity. It's important that you not confuse value with cost - in other words, how much you value your home versus what buyers are willing to pay for it. Don't place too much emphasis on home improvements which were done for your own personal lifestyle, such as a hot tub on the deck or a pool. When calculating an offer price buyers may not share your taste. 

Make it simple and be flexible. As time is of the essence, make it easy for the buyers. Stay flexible on when your agent can schedule showings. Also, avoid putting contingencies on the sale. Though a desirable move-in date makes for a smoother transition between homes, it could cause you to lose the sale altogether.