Of all the decisions to make while preparing to sell a home, the most important choice may be pricing. Whether you are listing independently or working with an agent, finding the right price for your property can come with challenges. To maximize success when your home hits the market, read these tips for how to price your listing effectively:
Review Comparable Listings
Look into past listings in your property’s neighborhood. Compare your home with properties of a similar age—ideally with square footage within ten percent of yours. When reviewing comparable listings, use a narrow timeframe of the past three to six months. By looking into similar properties, you can get a general sense of your home’s value. If you are working with a realtor, you will be provided with a Comparative Market Analysis (CMA); this report offers an in-depth analysis of recent sales in your neighborhood. Learn more about how a professional real estate agent can assist in selling a home here.
Learn From Mistakes
While researching local properties, take a look into some of the expired listings. You can gain insight into pricing your own home by seeing how others did on the market. For example, did recently sold homes sell close to the original asking price? Did a home require multiple price cuts before selling, or was it overpriced from the start? These questions will help you narrow your price range when considering your own listing.
Don’t Get Too Creative
Sellers may be tempted to be creative with their asking price, closely considering the details of their home value. If a home falls between the $900k and $950k range, asking for an obscure number such as $936,525 does the property no favors. Seemingly random pricing attracts unwanted attention from potential buyers while drawing focus away from the actual home. Since the price is one of the first things buyers will consider, make sure it is both accurate and appealing.
See Your Home Through Buyers’ Eyes
There’s no way to avoid it: we all have emotional attachments to our homes. But to successfully market your property, viewing your home through a buyer’s eyes is necessary. Compared to other nearby listings, is your home objectively of a similar worth? It’s possible to recognize your home’s sentimental value—without having a negative impact on its market value.
Know When to Cut the Price
Even with thorough research and the best tools at your disposal, you may discover that you’ve priced too high. This is not an uncommon scenario, as the majority of properties change their
price at least once. Once you recognize the need to drop the price, do so decisively. Making one accurate adjustment to your listing is far better than making frequent tweaks over time.
Finding the optimal price for your property is no easy task, but with careful consideration you can ensure a successful listing. If you are interested in professional guidance through the selling process, please contact me today; I can ensure you receive the best possible offer on your home.