Pricing your home
THE BENEFITS OF PROPER PRICING
There are several benefits of properly pricing your home. They include:
- YOU SAVE CARRYING COSTS: which include mortgage payments, taxes, insurance, and maintenance.
- CREATES LESS INCONVENIENCE TO YOU. If you have moved before, you know the energy it takes to prepare for a showing: keeping the home clean, arranging for pets, children, and altering your lifestyle.
- By pricing above market value, it will take longer to sell because the price will need to be lowered to market value over an extended period of time before it will sell.
- YOUR HOME WILL GAIN EXPOSURE to prospects who can afford the price of your home.
- By pricing above market value, sellers often do not realize that they have discouraged many potential buyers.
INCREASED SALES AGENTS RESPONSE
- WHEN REALTORS ARE EXCITED ABOUT A HOME AND ITS PRICE, THEY MAKE SPECIAL EFFORTS TO CONTACT ALL OF THEIR POTENTIAL BUYERS. Knowing that it is priced properly for its market, they expect it to sell soon and encourage their prospects to act quickly. Their excitement is contagious!
BETTER RESPONSE FROM ADVERTISING AND SIGN CALLS
- AD CALLS AND SIGN CALLS TURN INTO SHOWINGS WHEN PRICE IS NOT A DETERRENT.
- Serious prospects are well educated about asking prices in the areas they are seeking.
- BUYERS FEAR THEY MIGHT LOSE OUT ON A GOOD HOME WHEN IT IS PRICED CORRECTLY.
- Sellers are less likely to receive “low ball offers.”
- Better pricing can attract multiple offers, too!
THE THREE MAJOR THINGS THAT AFFECT A SALE ARE LOCATION, CONDITION, AND PRICE.
You cannot control the location, but you can control the condition and your professional Realtor can provide you with an accurate and marketable price.
CONDITION is the area you have most control over as a homeowner. By maintaining your home inside and out, and replacing/upgrading features as they age, you are keeping your home not only enjoyable to live in, but also marketable when the time comes to sell. Good maintenance shows Pride of Ownership and gives a possible buyer a comfortable feeling about the condition of the home.
PRICE should be determined by a Comparative Market Analysis (CMA) of recent sales of comparable homes in your immediate area, taking into account not only the location and size of the home, but also amenities and condition, including recent improvements.