For those new to the seller’s side of the real estate market, the concept of pricing your home in a way that can secure a fast sale, and create the best monetary return can seem like a balancing act. On one hand, you don’t want to scare away potential buyers with a high sticker price. At the same time, nobody wants to feel like they’re underselling a home. Especially if you’ve made significant investments or improvements.
For most, there are two realities to address when you choose how to price your home. One, you want to create the largest audience you can for the property you want to sell. Two, you want to get a sale price that makes you happy! The best way to address these aspects of pricing your home are by talking to a real estate professional. A one-on-one consultation can help you decide your goals and strategy. However, knowledge is power. So it’s always best to do some homework ahead of time too. Just so you’re prepared for your consultation, here are 3 reasons to price your home to sell fast.
1. Attract The Most Buyers
There’s always the temptation to ask for top dollar. This is especially tempting in a seller’s market. However, that’s not always the best strategy. A property that’s positioned at top of the market might garner attention, but if nobody’s biting, it can backfire. Make sure you and your Realtor are on the same page when it comes to your actual selling goals. That way, you can create a strategy that creates genuine interest. At the same time, you’re not creating an artificially high-priced listing that sits on the market for weeks. Listings that languish on the market for a long time often end up with multiple price reductions and ultimately, lower sales prices. Instead, tell your agent you want to price your home in the middle. A little higher than recent sales for similar homes, but a little lower than your competition.
In a recent FAQ video, Shannon shared her advice on how to price a home in a strong seller’s market.
2. Don’t Lose Sight Of The End Game
Creating the most market interest with your pricing strategy is a chess game, not tic-tac-toe. Price your home so that your Realtor’s marketing strategy has a broad audience to reach. Afterward, you can let that audience respond. Sometimes by pricing in a category that is accessible to motivated buyers and within your pricing goals, you can create enough interest to drive the price of your property up with multiple offers, particularly in a hot market with low inventory. By creating real interest, with real buyers, you become the master of your selling goals.
3. Don’t Outbid Yourself
When you weigh the pros and cons of an inflated listing price, the party who has the largest risk of being undersold is the seller. By not allowing your home to appear realistic and appealing to a large group of serious buyers, you restrict the level of interest and number of showings your property will experience. By pricing smart to start, it’s less likely you’ll need to adjust the listing price. That puts you in a stronger position when you enter negotiations with a buyer. Particularly if you have multiple offers on the table.
The Final Number is Up To You
The great thing about working with an experienced Realtor is that they have up-to-date market information at their fingertips. This includes data on recent comparable sales and competition in your neighborhood as well as current demand and real estate trends. The best way to price your home is to set up a consultation and chart the course that fits your needs. If you need an agent to be your trusted advisor, please fill out the form below. We’ll be happy to get back to you and set up your complimentary consultation and help you create a game plan!