Pricing Your Property to Sell

‘Price Sells’ is a term we’re all familiar with. It’s one of, if not the most, important components in selling a property. If it’s priced to high, you may have a great deal of response from buyers. It’s important to price your property right, from the beginning. Pricing your property is not a science, but an estimate. Before you decide on a price consult your REALTOR and be sure to look over the comparable home sales data that your REALTOR can supply you. With your REALTOR, discuss the length of time those properties were on the market and what types of conditions were effecting the market at that particular time. Once you look at the data, you’ll be able to price your property and feel positive going into the sale process.

 

Perfect Pricing: Pricing Do’s and Don’ts

 

1. Don’t rely only on comparable sales to set a price. Consider the current market conditions, as well. 2. Do consider your urgency. If you must move in 30 days, getting the highest price for your home may not be your top priority. A lower price may help your property sell faster.

 

2. Do consider the property condition. If the floors are scuffed and the house is cluttered, realize that a warn look will negatively affect pricing and the ability to sell. 

 

3. Do look at other properties comparable in the area. Whether in person or online, comparing your property to others of the same will give you an understanding of what you’re competing with.

 

4. Do discuss with your REALTOR the other properties on the market. Let your REALTOR explain the price differences of the properties. Some may be priced incorrectly.

 

5. Do plan on how you will handle price reductions. Ask your REALTOR for information on what will be done to market your property for a given period of time and once that period is over; if there has been a lack of buyers consider setting a date to discuss a price reduction.

 

6. Do get an appraisal. Getting an appraisal from a qualified appraiser to help find your home’s current financeable value. Be sure to ask for a market value appraisal.

 

7. Do be as accurate as possible. Studies show that homes priced more than 3% over the correct price take longer to sell.

 

8. Do know your bottom line. It’s critical to know what price you’ll accept before beginning a negotiation with a buyer.