As many of us know, home prices in the US are skyrocketing and Long Beach and its surrounding communities are no different. Sellers are currently in the driver’s seat when it comes to selling their homes. However, that doesn’t mean sellers can price their homes at any price and expect to sell. A strong pricing strategy based on location, condition of the home, size of the home, etc. is still very important. Shannon shares more pricing advice in a seller’s market in the video below.
Here’s Shannon’s pricing advice in a seller’s market.
1. Don’t Price to the Extremes
It can be very tempting to price a home very high simply because we’re in a seller’s market. Or, some people will price homes very low and try to create a bidding war. Neither pricing strategy is advisable. Price your home a little higher than what other homes have been selling for, but a little less than the competition. This will allow your home to stand out on the market, but still maximize its selling price.
2. Choose a Round Number
Don’t price your home at $599,999 or at $605,000. Instead, opt for the number in the middle: $600,000. That way, you don’t miss out on the people searching up to $600,000 or the people searching between $600,000-$700,000.
3. More Strategies
When it comes to pricing advice in a seller’s market, everything needs to be dialed in. Here are some other strategies you shouldn’t forget!
- Optimize Your Marketing – Make sure your home is being exposed to as many buyers as possible. Furthermore, make sure it’s being exposed in the best light possible. For example, professional photos and a professional video tour. Learn about our marketing in the video below, or click HERE to learn more.
- Be Strategic with Your Timing – It matters what day your home gets entered in the MLS. Ask your agent for their advice on the best day to go live with your listing.
- Be Strategic with Your Showing Strategy Too – Make sure your home is available to be seen by potential buyers.
Talk to Your Agent for Pricing Advice
The bottom line is: your real estate agent is the expert when it comes to pricing strategy. They know the market, the areas, and what homes are currently selling for. Make sure you discuss pricing before hiring an agent. You want to make sure your expectations align with your agent and that you trust their advice. Don’t be afraid to ask questions! If you don’t understand why they want to price your home a certain way, ask. Make sure you’re comfortable with how your agent wants to price your home. There’s a big difference between a seller wanting to price their home unreasonably, and simply wanting to know why they can’t sell their home for as much as they thought. It’s an agent’s job to explain in a way that their clients understand and to decide on a price together.
More Pricing Advice in a Seller’s Market
We know pricing a home right now can be tough! One of the best ways to prepare to sell your home is to become knowledgeable! Below are some further resources about selling your home. If you need any pricing advice on your individual situation, please feel free to reach out to us. You can schedule an appointment to talk about your home’s worth HERE. In the meantime, get a quick estimate HERE. We look forward to speaking with you!