When it comes to selling your home, no factor is more important than price. Aside from location, if your home is not priced right, you won’t come out ahead. Pricing too high could scare off buyers and pricing too low could mean leaving money on the table. Pricing a home does take a bit of skill so you’ll definitely want to take your real estate agent’s advice, however, here are four points to consider.
1. Research Past Sales
The key here is past sales – not current listings. You want to see what people in your area are actually getting for their homes, not what they would like to get. You probably won’t be able to find a house exactly like yours, but finding several that are fairly similar will be a good place to start.
2. Leave Just Enough Room For Negotiation
Resist the temptation to start your home at a high price because you’re not in a hurry to sell. The first two weeks are the most important as this is when your listing will get the most exposure, and you won’t get a second chance to make a first impression. You don’t want to go too low, of course, as you might end up selling yourself short. Instead, aim for a price that gives buyers a little room to negotiate without leaving money behind. Hitting this sweet spot is where you’ll appreciate the expertise of your real estate agent.
3. Consider Buyer Objections
The things you love about your home might not appeal to buyers. If you want to price your home to sell, you have to stop thinking of it as “your” home and start thinking of it as just another product for sale. Look for things that buyers might object to – busy streets or tidy, but outdated kitchens – and see how these things measure up to other homes in the area.
For example, if a similar home in the area has a new, expansive deck and yours just has a concrete slab, you’ll have to consider this in the price. On the other hand, if most of the homes in the neighborhood have cramped yards, but your home sits on a corner lot facing a park, you’ll have the advantage.
4. Be Ready for Change
No matter how carefully you have done your homework, the market is constantly changing. If you find that you’re not getting a lot of attention for your home or getting any other feedback that you might be priced too high, be ready to drop your price sooner rather than later. The only thing worse than overpricing your home right out of the gate is failing to realize this and leaving it for weeks on end.
Remember: You’re Here to Sell
While every seller wants to get the most money from the sale of their home, selling your home quickly can help you reach your financial goals, too. Every day your home sits on the market is also another day that you have to keep it in perfect condition, ready for showing at all times. Of course, you don’t want to give it away, either. The trick is to hit just the right number so you stand out from the crowd and get lots of potential buyers in the door. For more information on pricing your home to sell, don’t hesitate to contact us.