Pricing Your Home To Sell

Pricing Your Home To Sell

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What is the perfect listing price for my house? The million dollar question!

Most sellers tend to want to set a higher price for their home, but if the end goal is to sell your home in the shortest time frame, here are some tips to price your home accurately.

Look at the comps!

Review the listing price of active, pending, and recently sold homes. Everyone looks at the “sold homes”, but don’t forget to review the “actives” to get an idea of the competition. First, weed out active comps that are clearly overpriced, and pay attention to those that have lagged on the market for longer than the “average days on market”. These listings will help you narrow in on your ideal listing price.

Look closely at the “slow” sold comparables. Compare the average number of days a home in your area stays on the market with those that have recently sold. If a home was on the market significantly longer than the average, it may have been overpriced to start and may have sold way below below asking price. Review the original list price, list price the time the home went off the market, sold price and number of Days on Market (DOM). These comps can show a clear picture of the path of overpriced homes and can help you nail down your pricing strategy from the start.

Additionally, research any sold comps that may have been listed low and sold high. This data will help you narrow down the pricing window for your home by comparing similar homes in your area, and give you the best opportunity to sell your home for the right price in the shortest period of time.

With market data in your pocket, now it’s time to understand the current “shopping” trends online. Learn how prospective homebuyers are searching for homes and how popular home search websites filter their searches and price accordingly to take advantage of their habits. For example, if you think your home should be priced at $501,000 but the average home shopper is searching for homes under $500,000, that buyer may never see your home.

Finally, take a home tour of your competition so you can personally see with your own eyes what is out there. Don’t rely on all the pretty wide angle photos online. Take a walk in the buyer’s shoes to see what they may be seeing when they are comparing several homes, and determine what you need to do to make your house the one they pick.

Pricing your home right is the first step to selling your home. Overpriced homes will not sell. And before they fail to sell, a lot of time, energy and money can be wasted. So be sure to do your homework and work together with your realtor so you both can agree on a price that is sellable and you will be on your way!

For a competitive market sales analysis of your property and information on listing your property, call Mike at (970) 470-3001 or email at Michael@KeytotheRockies.com.

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