Pricing your home to sell is a critical step in the home-selling process. It can be tempting to set a high price for your beloved home in hopes of earning top dollar, but this approach can actually backfire and result in fewer offers and a longer time on the market. So, how do you price your home right from the beginning to ensure your most successful sale?
1. Remove the Emotion
First and foremost, it’s important to remove emotions from the equation. While you may probably have sentimental attachments to your home, it’s essential to look at it objectively and evaluate it relative to the data. You want to view it through the eyes of potential buyers.
2. Evaluate Recent Sales
One of the key factors in determining the right price for your home is evaluating recent home sales in your local area, narrowing in on those that are similar to your home, also known as “comps”. This is where a professional realtor like me can offer invaluable insights. The “comps” should be truly similar to your home in terms of size, condition, and location. A professional realtor can help you analyze this data to determine a fair and accurate price for your home.
3. Don’t Waste Momentum
It’s important not to list your home too high to “test the market”. The first few days on the market are critical, as this is when your biggest pool of buyers will pay attention to your listing. So, it’s important to price your home strategically from the beginning. Listing at an overly ambitious price that is not supported by the data can result in wasted momentum and fewer offers at lower prices.
4. Don’t Rely on A Digital Estimator
While it may be tempting to use online estimators to determine your home’s value, these computer algorithms can be limited and skewed too high or low. An algorithm can't see inside your home and isn't aware of the condition or improvements you've made. Instead, it’s best to consult with a professional realtor who can offer personalized insights based on your unique property, the current market, and other factors.
In addition to guiding you in strategic pricing, working with a professional realtor like myself also comes with the added benefits of expert marketing and access to a network of industry professionals, such as professional stagers and real estate photographers, to make your home look as appealing as possible to potential buyers. So, if you’re ready to discuss what a strategic price for your home might be, reach out and let’s chat!