What’s the “right price” when you’re selling your home? The longer your home sits on the market the less you’ll ultimately get for it, so you want to sell fast at top dollar; everyone does (and should). How can we do that? What’s the ultimate list price to accomplish your objective? It’s a little trickier in the current environment, where we are low on housing inventory and it’s turning into a seller’s market. It’s tempting to overprice. But the key is to determine what price will draw those eager buyers and still get you top dollar for your home. That’s where we step in.
First, remember that the list price should not be based on what you paid for the property, what you need to pay off the mortgage or what the price to rebuild the home would be today. What truly sets the right price is what a willing buyer is willing to pay RIGHT NOW and quickly, afraid that if they don’t buy it right away someone else will. So the right list price takes into account a number of factors, including what other homes are out there that you’ll be competing with, and what’s sold recently in your neighborhood.
We do a comparable market analysis (CMA) for your property to help find this value. The CMA will compare your property to similar properties in your area that have sold in the past 6 months. This analysis takes in to consideration size, condition and improvements. Then we take a look at what is currently out there – the homes you are competing against. Are you the best at the price you are asking? That is what we are striving for. You can see from the chart below that CONDITION is as much a factor as pricing. You want to be the home that’s in the best condition at the lowest price – and that’s how you get “chosen” by a buyer.
In order to steal buyers’ attention from all the other listings you have to be better than the rest at the price you’ve chosen. Listing your property as little as 10% above your determined market value will mean that that you will lose many potential buyers (according to the chart below, seventy percent!) who won’t even see your home because it’s overpriced.
The third and last step to price your property “right” is to take FULL advantage of the first 30 days that your property is on the market. Do not fall into the trap of “trying out” an above market price for a few days just to “see if it sells”. Many sellers make this mistake and end up selling below market value. Your listing attracts the most buyers when it first hits the market. All buyers are on the lookout for “Just Listed” properties every day. If your property is listed above market value from the start, it will be missed by all those potential buyers. After even the second week of listing, property showings begin to drop. So if you don’t have ANY showings the first two weeks, you are clearly overpriced and should drop immediately – it is already almost too late!
If you are ready to sell fast and get a great deal on your property call me today. I will provide you with a thorough CMA specialized for your unique property so we can determine the “right” price and sell fast.