The Right Way to Price Your House When Listing

The sales price of your home is one of the most important
aspects of the sale, so pricing it correctly will have a huge
impact on your success as a seller.





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When the time comes to list your home for sale, how should you
determine the sales price? 

Marketing is a huge aspect of the success in selling your home, and
its price is a huge part of that. You want to start by
pricing your home right at market value, and don't overprice it by
any means. 

Remember, the activity and showings you get will be based on price.
You'll always get the most activity during your home's first 30
days on the market, and if you overprice it from the beginning, you
will really shoot yourself in the foot. 

How you price it also determines how many buyers come look at your
home. Pricing right at market value automatically means you're
reaching 60% of the available buyer pool. That number gets cut in
half if you overprice your home by just 10%. 

When considering your list price, you also want to avoid these
common misconceptions that can hurt your sale.
What another agent says it's worth: Do your research to find a
professional agent who can price it accurately and has a great
list-to-sales price ratio. Many agents will price the home high in
the beginning of the sale only to come back and ask you to reduce
the price. What your neighbor says: We get this a lot, but your
neighbor probably isn't in the trenches of real estate day in and
day out like us agents. There are so many factors that go into
valuing a home—it's not just price per square foot. We have to
consider bedrooms, bathrooms, the location, the quality of
finishes, and many, many more things. Assessed tax value: Tax
values are assessed in arrears, meaning they're assessed 18 months
prior to where the market value for your home is currently at.
That's why there's no way the assessed value can be totally in line
with the current market value. Pricing based on what you need: For
example, you might need $100,000 for a down payment on your next
home and think you can work backward and price your home
accordingly from there. That's definitely not an appropriate
strategy. What you paid for the house: This has no impact on the
home's true market value now. 

“

What you paid for your house has no bearing on what it's
currently worth.

”
You want to bring out a real estate professional to provide
you with a comparative market analysis (or CMA) so you have an
accurate price range of your home's current market value in order
to have a successful sale. 

If you have any questions about your home's value or you're
thinking about selling, don't hesitate to give me a call or send me
an email soon. I'm always happy to help!