Price it too low and you will regret it. Price it too high and your home will not sell. Many sellers wonder how to price their home In a high demand, low inventory market. While supply and demand will dictate the asking price, there are other factors that should be kept in mind.
Although, there is no exact science to pricing your home for sale, there is more involved than listing your home for what the house down the street sold for. However, with a little research and calculations, you can come up with a figure that nets you the most for your property.
Tips to Pricing Your Home
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1) Think like a buyer. Buyers don’t care about what you paid for the home or what you need for your next home. They want to know what the home is worth and how to get the most for their dollar.
2) Ask for CMAs. Your listing agent can provide you with a comparative market analysis that will show you prices of comparable homes that have sold recently in your area. While this won’t give you a “locked in stone” listing price, it will give you an idea of what buyers are willing to pay.
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3) Active listings are competition. Resist confusing active listings with recently sold property. Remember, they might be overpriced or underpriced. They may have been on the market for a few months or 9 months.
4) They will want to negotiate. Leave some wiggle room when pricing your home. Buyers don’t want to pay more than your home is worth and even want to pay less than its worth if we’re honest. If you leave room to negotiate, they will feel that they’re getting a good deal.
We can prepare a CMA for you with listings in the area that have sold and what they have sold for. Contact us, and we can discuss pricing your home to sell.
