How Do You Price A Home Competitively?
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Hey, everyone. I just want to take a few minutes today to discuss with you about competitive pricing when it comes to selling your home. So there’s going to be different things that you want to consider when it comes to figuring out what price you should sell your home for. Obviously, we want to make sure that it’s priced for that when you get an offer accepted, the home is going to appraise for the value that you’ve determined that it should be. We also want to make sure that people are going to be very interested to come view your home and not think that it’s way overpriced to where they don’t even see it.
And also just keeping in mind of the current market conditions. And so your marketing strategy is going to help with all of this. But as far as competitive pricing goes, the main thing you want to consider is that if you have your home listed at the same time as someone else in the same subdivision or same area, different things of that nature; you want to make sure that people are going to be attracted to your home and not say, okay, well, looking at their price, I’m probably going to go with this other house because I feel like I can get more bang for my buck.
It’s the last thing you want for your home because you want to sell your home efficiently and effectively. So what you want to make sure is that the realtor that you hire is going to keep you up to date on the homes that are on the market currently that would be similar to yours. Or in a sense of if the same buyer is looking at your home, is also looking at these homes. So that way, when they’re figuring out which home they want to write an offer on, they’re going to choose yours over the others. Given everything else is the same, the pricing is going to play a factor in that as well.
For example, if your home is updated and you’re asking for $250,000 for your home, but there’s a home that’s down the street that’s the exact same square footage, it’s updated as well, and they’re only asking $230,000 for it, and they feel like their home will definitely appraise (the buyer), they’re probably going to go with the other house, right? And it’s not to say that just because your home is worth $250k, that they’re going to definitely pay $250k. Because if it makes more sense to spend less and retain some of that equity in the home when they purchase it, then it makes more sense as a buyer to buy the one that’s $230, “okay, I’m getting a home $20,000 less than this other one I want to hurry up and get this one before someone else gets it.”
So that’s the main thing I want you to keep in mind. You want to make sure that you’re well informed of the homes that are always on the market while your home is on the market. So you can make sure that your price is where it needs to be to get it sold. So that’s all I have for you today. If you have any questions, leave a comment below, or you can email me at [email protected]. All right, thanks. Have a good one. Bye.
This has been “What Are The Most Common Home Inspections?” by Patrice Henderson of Designed Living Real Estate. Be sure to subscribe to her YouTube channel for all your real estate tips, home tours and advice. Scheduled your FREE listing consultation here or get your FREE home evaluation here.