You’re all set and ready to go. The house is in show-ready condition. All the touch-ups have been made, the furniture is all staged, the house hasn’t ever looked better. It looks so good you are actually contemplating if you actually want to sell it, haha. Now it’s time to price it and put it on the market.
What is your home worth and how do you get the best price? First step in this process is to determine what the fair market value of your home is. Take a look at what has recently sold in the past 3 months in your neighborhood. Find the homes that have sold that are most similar to yours. Are they a single family, multi-family, condo or townhouse? Make sure they are similar in size; square footage, bedroom count and bathroom count. Try to match as many features as possible; garage, pool, AC, solar, outdoor BBQ/kitchen, patio space ect. Also be sure to compare the condition of your home to the homes that you have selected. From the information you have gathered you will have a good idea of the value of your home. Dialing it in to the exact dollar might seem difficult but get it as close as you can.
Now that you have the fair market value of your home now it’s time to determine what you want to list yours for. Do you price at fair market value? Do you price it high in hopes that someone is willing to pay it? Do you under price it to gain a lot of attention in hopes to cause a bidding war and drive the price up? Do you put in a range to incorporate both the excitement of the low price on the bottom end of the range and then push to get the high end of the range? This will all depend on what your needs are as the seller are and the type of market you are in.
Each of these strategies has a time and place. Strategize with your agent to determine the best approach that fits your needs and that fits the market you’re in. Pricing your home right is crucial in selling it for a great price and selling it in a timely manner. I’ve seen beautiful homes sit on the market and sell for below market value due to it being priced too high. I’ve also seen homes priced low that sold low and the sellers left money on the table. I’ve seen pricing strategies influence sales in the hundreds of thousands of dollars, for the better and the worse. An experienced agent is going to be able to gather the market info and determine the best approach. Don’t underestimate the value of pricing your home right.
