Pricing your home is both an art and a science. Achieving the optimal price is the result of both objective research into comparable properties and a gut feeling about your property and the current market.

The right price should:

 

Attract buyers
Allow you to earn the most money possible
Help you sell as quickly as possible

The simple fact is, price is the number one factor that most homebuyers use to determine which homes they want to view. And it's important to remember that, although the price is set by you, the value of the home is determined by the buyer. Try to avoid allowing your enthusiasm to impact your better judgment - overpricing is a common mistake that can cost you in the end.

 

The Importance of Proper Pricing

 

Faster sale and less inconvenience
Exposure to more buyers
Increases Realtors® response
Generates more advertising/sign calls
Attracts higher offers

What really matters is how your home stacks up against the others currently offered for sale and recently sold in your neighborhood. Buyers will be comparing.

 

Common Reasons for Overpricing

 

Over-improvement
Need
Purchasing in higher-priced area
Original purchase price too high
Lack of factual data
Bargaining room
Move isn't necessary
Assessed value
Emotional attachment
Opinion of family and neighbors

 

Dangers of Overpricing

 

1. Most of the activity on your home will occur in the first few weeks. Pricing a home properly and then creating immediate urgency in the minds of agents and buyers is critical.

2. Buyers who have seen most available homes in their price range are waiting for the "right house" to come on the market. That's why if a house is priced right, it will sell quickly. The buyers are there waiting for it.

3. Don't start with a high price and the assumption that you can reduce it later. By the time you decide to lower the price, it may be too late, as interest will have already waned.

4. A major cause for concern is appraisal problems; overpricing can lead to loan rejections and lost time.

5. Even if your home is nicer than other homes in the same area, your house won't be picked for viewing if you set the price too high.

 

The Role of a Real Estate Agent in Pricing

 

Provide you with a comparative market analysis (CMA), a comparison of the prices of recently sold homes that are similar in terms of location, style, and amenities. A CMA is performed by comparing previously sold homes in the area, and currently active homes to know your competition.

There is no "exact price" for real estate
We don't tell you what we think your home is "worth".

The market determines value…together we determine the price.

You determine the price based on the factors you control:

    - Marketing time
    - Financing alternatives provided
    - Condition
    - Exposure method

     -Estimate your net proceeds.