LISTING YOUR HOME AT THE RIGHT PRICE
You have finally decided that you want to sell your home. Where to start? The most important thing you must consider is the price. This is going to be the first impression a potential buyer gets of you and your home. If you price it too high, you risk discouraging buyers and reducing your home's appeal after only a short time. Industry standards dictate that most listed homes see a reduction in demand and interest after about 3 weeks. Industry practice has also shown that if you price your home too low, market factors will raise the price to market. This is because you will receive multiple offers on a low price and potential buyers will end up bidding more and more to get your home. 2 things you should consider when attempting to determine a price are Supply and Demand. Now, we have all heard these terms in our high school economics and government classes but what do they mean to you, a potential home seller? They mean you must consider how many homes are on the market in your area (supply) and how many people are looking to buy them (demand).
Here are a few other thing to consider when trying to set a sale price for your home:
Comparable Listings. A good starting point is to take a look around your neighborhood. Compare your house to the others on your block (we generally recommend considering homes up to but not further than a 0.5 mile radius from your home). And don't just look at today's prices. Do a little research and go back a few months. Look at recently sold as well as currently listed properties. Spend some time gathering information, this will all be useful to you in determining a price base. Compare things like year built, square footage, lot size, pools, second stories, driveways, garages and carports. Look at old listings, expired listings and withdrawn listings to determine the number of days each comparable property was actually on the market. Pay attention to sales price in relation to listing price. Discrepancies in the two may indicate trends in the local area.
When considering active listings, remember these are the homes that buyer looking to purchase in your area will be looking at and mentally comparing to your home. Attend open houses in your area and take tours, check out the competition. Make a note about anything that strikes you and apply your perceptions to your own home's open houses and tours. We at Crestico have preferred partners that are specialists at Staging. Staging is when you prepare your home in an aesthetically pleasing manner so as to entice and induce buyers.
After you have gathered all the information you need, your next step is to make sense of it and set a price. Another thing to consider would be what type of market it is, buyer's or seller's. This seems tricky, but your Crestico Agent will be able to sort it all out with you and explain it in easy to understand terms. Call today to speak with an agent who is ready, willing and able to help!
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