Pricing Your Home to Sell
Pricing your home to sell is a perfect mixture of art and science. How you price it will affect three things:
- Whether you will profit in the sale
- How much you will profit
- How long your home will sit on the market
At Sharon Q Realty, our knowledge of the overall market and what’s selling – or not selling – is invaluable in helping determine your home’s listing price. Our objective is to find a price that the market will bear but won’t leave money on the table. In this era of internet real estate sites, it’s easy to just rely on their algorithms when pricing your home. It’s on the internet, it can’t be wrong, right? Wrong! Very wrong! The prices quoted by online sites are incorrect more than they are correct, often resulting in over and under estimating the value of homes.
Yes, we’re about to toot our own horn. There are three things that make us the experts you should rely on when it comes to listing your home:
- Our depth of knowledge of the local market means we know your neighborhood and have probably sold a home or three in your area – that’s invaluable when it comes to pricing your home correctly.
- We are LOCAL and can come see all the updates you’ve made to your home and take them into account when pricing it.
- Because we know how to price homes in our community, they sell in an average of 6 days and for 100% of their list price.
Time is not on your side when it comes to selling your home. Studies show that the longer a house stays on the market, the less likely it is to sell for the original asking price. Further, if the house is on the market for too long, it is more likely to sell for less than it would have if it was priced correctly in the first place. Therefore, if your goal is to make money, think about a price that will encourage buyer activity (read: fair market value).
Value vs. Cost.
Pricing your home to sell in a timely fashion requires some objectivity. It’s important that you don’t confuse value with cost – in other words, how much you value your home versus what buyers are willing to pay for it.
Keep it simple. Because time is of the essence, make it easy for the buyers. Remain 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.