How To Price Your Home For Sale
This is a loaded question and challenging to answer without specifics to your situation, however, I’ll do my best to provide a guide.
Some sellers will list their homes at their expected sales price or the price they want to get for their homes. In real estate agent lingo, we call this “transparent pricing”.
Other sellers might list their homes under their expected sales price. This is a marketing strategy. Typically this will attract more potential buyers to view their home and fall in love with it. Listing at a lower price can often lead to multiple offers and let the market determine the value.
Overpricing is a seller’s biggest mistake. Why? First, it will lead to longer days on market. While being on the market for a few weeks instead of a few days isn’t an issue, being on the market for months can backfire.
Typically this will lead to price reductions, which send signals to buyers that you often want to avoid. While these assumptions may not be true, these are the thoughts buyers will have:
There’s something wrong with it.
Other people don’t want it, so there’s something wrong with it.
The seller must really want to get rid of it and I can make a lowball offer.
While price reductions are necessary and can’t be avoided sometimes, we do our best to keep you informed of the market and your home’s value so you can make an educated decision on the list price.
Ultimately the pricing strategy can be informed by what other sellers in the area are currently doing and/or the other motivations you have for your sale such as timing and days on market. Think about it - if you are living in the home, you might not want to be disrupted with showings longer than necessary or if you are moving out before listing, you may not want to be carrying the costs of homeownership for longer than needed.
In addition to determining the right list price, we’ll review a detailed marketing plan and property prep plan for your home which can also impact your home’s list price and value. Our goal is to get the most exposure and bring in buyers that might put an emotional value on your home above the perceived market value.
We’d love to learn about your specific situation and come up with a plan that meets your needs. Let’s connect!
