Pricing your house is not an exact science, but there are plenty of things you can do to help snag your buyer sooner rather than later. Here are 10 of my strategies:
1. Get the Market Scoop – Have your agent show you recent sales of similar homes nearby. Note the sale prices, how long they took to sell and how close to asking they sold for. Next discuss your competition and get a feel for what choices the buyers have and how your house stacks up.
2. Note Improvements – Show your agent all the great things you’ve done to your house since you bought it that may increase its value. Review maintenance and repair work as well. This may help set you apart from your competition.
3. ID Pros & Cons – Talk to your agent about what the key selling points and challenges are for your property and how this information can impact your price.
4. Embrace Staging – Ask your agent how the marketing tool of staging to attract buyers can sell your house faster and for the most money.
5. Don’t Do This – Avoid the mistake of pricing your home based on your personal finances. The number you want or need may have nothing to do with the market value. Only the market and the buyers determine your selling price. Remember that if your house is worth more to you than it is to all the buyers, you will remain the lucky owner!
6. Don’t Do This Either! – Avoid accepting inflated price quotes from friends, poker buddies, colleagues, bridge ladies, the mail man and family members instead of your agent’s- unless of course they’re ready, willing and able to purchase your property on the spot!
7. Try Buyer’s Eyes – Pretend you are a buyer choosing between your house and several others. Which one would you choose and why? If your house offers more value than the others, maybe you can ask a higher price than your competition.
8. Don’t Go it Alone – Unless you’re sure your house will fly off the shelf and you know how to navigate the complexities and potential pitfalls of a real estate transaction, be sure you hire a good Realtor. Remember that if you try to price and sell on your own,
- you will be missing much of the information needed to guide realistic pricing,
- buyers will see that you have not invested in a broker and deduct that money from their offer price,
- without a Realtor’s marketing plan, your house will not get the exposure needed to draw a strong buyer pool regardless of your price, and
- if an offer comes in, you will be challenged to evaluate its terms and the quality of the buyer.
9. Go Live! – Now your agent can launch the marketing plan with a price you feel makes the most logical sense after weighing all the considerations above.
10. Track Course & Close! – Your agent will track showing activity and feedback as well as market changes. If you have ample showings the first week, your price is likely right on the money! If you don’t have offers after a couple of months (depending on the pace of the market) but you are still getting showings, a slight price adjustment will likely do the trick. I am happy to discuss your plans and how I can help. Happy Selling!