Pricing Your Property
Determining price is the most critical step in preparing your home for sale, so you can get the highest return in the least amount of time.
Pricing Strategy: Buyers who have seen the available homes in their price range are waiting for the right home to come on the market.
- Pricing strategy depends on the market conditions at the time your home is put up for sale.
- A well-priced home often sells quickly once it is put on the market.
- When your home is priced right from the outset you maximize your opportunity of reaching the most qualified buyers.
Market Activity And Time: The right price really is the right price range to attract the maximum number of qualified buyers within a time frame that suits your needs.
- A home receives its best exposure during the first three to five weeks on the market.
- Multiple listing service statistics show that the longer a home is on the market, the lower the selling price.
Targeting The Right Buyer: Pricing your property too low or too high won't provide the best return.
- When your price is too low, you could lose thousands of dollars on your family's largest investment.
- Overpricing a property is risky; qualified buyers who might find the home just right won't see your home because it's out of their price range.
- Agents will hesitate to show an overpriced home, unless it will make a competing property look like a better value.
The Pricing Process: Pricing is not based on appraised value, assessed value or the financial needs of the seller. Rather, it is based on the amount a buyer is willing to pay, as determined by current market conditions.
You'll receive a written estimate of value based on an analysis of:
- Similar homes for sale now. These show you which homes prospective buyers are comparing to your home.
- Similar homes recently sold. These tell you what buyers are willing to pay for your kind of home, in your area, at this time.
- Expired listings and similar homes unsold for 90 days or more, which illustrate the results of overpricing.
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