When you list your home to sell, pricing the home correctly is a huge part of getting it sold in a timely fashion. Here are tips to consider when strategizing the price of your home with your real estate agent:
You need to work with your real estate agent on researching what comparable homes have sold for recently. This is a very important activity as this will give you a good sense of what the current market values are for homes similar to yours. (Remember, active listings are not past sales. They are your competition.)
Let It Go
You loved your home and all of your things inside of it. When it comes time to sell, you have to let your emotional ties to your home go. And that includes pricing it correctly. Although you may have completed many updates in your home, some will add value while others not so much. Your goal is to sell your home. Let it go.
Overpricing and Waiting
Some sellers want to set a high price and then wait it out for the “right” buyer. This strategy rarely works in the favor of the seller and can lead to losing money in the end.
Pricing High Now and Bring the Price Down Later
This type of strategy is a mistake because you lose out on potential buyers at the beginning. If your home is overpriced, buyers may ignore your home and by the time you have brought the price down, they have already purchased another home.
Think Like a Buyer
When you purchased your home, what features were you most attracted to? Perhaps it was a covered porch, large yard or an updated kitchen. Think about today’s house trends for buyers. Talk to your agent about what features buyers look for in homes. The price of your home should reflect how your home compares to others for sale. If your home has objections for today’s buyer, the price should be a compelling reason for the buyer to make an offer.
Listen to feedback from your real estate agent and showing agents. You may need to adjust the price or a feature in your home.
Best Foot Forward
A home for sale receives the most exposure when it is newly listed. Make sure it is show ready for those buyers! You may need to invest some money to make it present well. Your agent will guide you to spending money now to reap benefits later. Your agent may advise you to invest in these changes and not assume the buyer will want to do so.