The market is constantly changing and pricing a home continues to be one of the biggest challenges real estate professionals face on a daily basis. It’s not uncommon for sellers to want to price their homes higher than recommended, but that may not be the correct solution to get the home sold.
Here are 3 ways to price your home right from the start.
1. Don’t price it high to “Test The Market”
If you price your home too high you automatically exclude a number of potential buyers. For example, if you’re expecting to sell your home at $1,500,000, but list it at $1,650,000 to allow room for negotiation, potential buyers searching for homes at a price up to $1,500,000 won’t even know that your house is available. This approach often means making a price reduction at some point and selling for less than you could have done if you listed it correctly in the first place.
2. Investigate Your Local Real Estate Market
Take time to do some research on your local real estate market by looking at past sales and statistics for homes in your area or neighborhood that are similar to your home. And then look at current active listings. These are your competition. If you are planning to price your home higher than any homes on the market that look like better value, it’s a good bet that you need to reconsider your pricing strategy.
3. Work With A Knowledgeable Agent
Working with an experienced agent with knowledge of the local real estate market is one of the best advantages you can have. Not only will they give you the best advice on how to price your home, but they will also be able to provide a comparative market analysis that will show you how they arrive at their recommended list price. A good real estate agent can also advise on any cost-effective updates or improvements that can make your home more appealing to potential buyers as well as getting it sold quickly.
Pricing your home correctly right from the start comes down to understanding your local real estate market and your neighborhood. If you are planning to sell your home in the near future, contact us now so you can have everything in place well before you are ready to hit the market.
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