Pricing your Home Right in a Shifting Market
Pricing your home correctly is one of the hardest parts of selling your home, but it is also one of the most important. Having the right price can make or break your home sale, especially in today’s constantly changing market. Things are starting to shift away from the white-hot seller’s market, so it is getting increasingly important that you are competitive. That’s why we are here today with some advice on how to price correctly and what common mistakes to avoid.
First, it’s crucial to not get caught up in sentimental value. You may think your home is worth the moon because of the wonderful memories you’ve made in it, which is completely understandable, but now it is time for a new family to get the chance to make memories there, so present a price that makes that possible.
Also, remember that not all of your fix-up projects will get a dollar-for-dollar return. Spending $3,000 on flooring does not mean you’ll necessarily get $3,000 more. Prices fluctuate, so be willing to be flexible.
One of the most common mistakes that sellers make is overpricing their homes. Many people think this is the way to go because it gives them room to negotiate down. This strategy may have worked before when we were in a strong seller’s market, however, things have changed. If you do this now, it might only just cost you a lot in the long run.
Having too high of a price will scare buyers away, then you won’t be able to drum up enough interest. Your home will sit for months on the market, and you’ll have to lower your price. Buyers will notice this and worry that something is wrong with your house.
Plus, you might end up chasing the market. Let’s say you insist on listing your home for $300,000 even though homes similar to yours are only selling for $270,000. When your home doesn’t sell for a few months, you lower it to that $270,000, but by then the market has already changed again, and you will always be a few months behind the market.
The key to pricing correctly is to look for comparable sales, and this is something we would love to help you do. We can help you find homes on the market that are very similar to yours, figure out how much they sold for, and help you base your price around that. This is the most successful route. Research is very important, especially in our shifting market. As things change, we have to stay on top of that.
If you are interested in selling your home, call or email us, we would love to help you do so successfully. We don’t want you to make costly pricing mistakes; we want to be your real estate resource. We look forward to hearing from you!