Today we’re going to talk about the importance of “right-pricing” your home.
There are many ways to price your home and sellers continually ask about pricing strategy. “Should we price it a little high, so we can leave a little cushion” or “Should we leave some room to negotiate?”
While there are different approaches to this, the most important thing when setting the right price is to look at the comparable properties.
Square footage and condition are just two different factors we look at when preparing a range for the seller’s property. Truthfully, though, the biggest factor is the seller’s motivation.
If you choose to have a final number that overprices your home, that house is going to sit on the market. This creates the problem of people wondering what is wrong with it when they look at it and see how long it is on the market for. They might even not care to look at it further.
Meanwhile, it is virtually impossible to underprice a home. If you do underprice a home, the market usually determines that it is an amazing deal and then responds in the form of an
offer or maybe even multiple offers.
These are the factors I look at when I sit down with sellers and come up with the right pricing strategy. We look at not only comparable properties, but also the motivation of the seller to create the right price.
If you would like to speak with me further about right-pricing, please don’t hesitate to reach out to me by phone or email. I look forward to speaking with you.
