Pricing Your Home in a Seller's Market
October 16, 2018
You're in the process of pricing your home and it's not easy! Here are a few tips on where to start!
1. Look around at some comparable homes in your area. What are they priced?
It's always good to research the homes in your neighborhood. Look into the sale history of your home and others nearby. That will help you to better understand the market trend in your area. Also take a look into some recently sold homes. What was their original listing price and what was the selling price?
2. Avoid lumping yourself in with similar priced homes.
If the homes in your area are $274,000-$276,000 and nearby homes are $290,000+ then find a price that's good for you. Take advantage of that open area of $280,000. That will make your home stand apart from the croud. Also, you can always price higher or lower. Price according to online search ranges -- usually quarter prices like $250k, $275k and $300k. That will make it easier for your home to come up in a search.
3. Leave some room for negotiation.
When people are looking to buy a home, there will always be a negotiation. Be ready and prepared for that. Expect it and price your home accordingly.
4. Think about the buyer.
How much would you be willing to pay for your home?
5. Don't hesitate lowering your price after listing.
If your gut is telling you to lower the price, then do it. At least 60% of sellers change their price after listing.