A lot of people ask me, “What’s the best pricing strategy? Should I just price the home a little high so we can leave room to negotiate?” That strategy may work in certain markets, but not in this one.
The most important thing when selling your home in this market is setting the right price.To do this, we take a look at other properties that have recently sold and are similar to yours. We compare things like the square footage and home additions/improvements to get the right price.
If you overprice a home in this market, the listing will simply sit there because people will see better value in other homes that aren’t priced as high. After a while, the home will sit on the market because buyers will start to get a sense that there’s something wrong with it. Even if you reduce the price, the days on market will be a red flag for buyers.
On the other hand, it’s virtually impossible to underprice a home in our market. If you underprice a home, the market will determine that it’s an amazing deal. The market typically responds with multiple offers, sometimes even with bidding wars.
If you have any questions about pricing strategies or anything else related to real estate, give me a call or send me an email. I look forward to hearing from you soon.