How to Price Your Home to Sell for Top Dollar?
The art of home pricing
If you are looking to sell your home this year, you basically need two things to put your home on the buyer’s radar. One, your home should be packaged just right, and two, your home should have the right price.
Your Waukesha home‘s listing price is crucial in determining your market success. Price it too high and it will sit on the market for months. Price it too low and you’ll lose money.
How do you correctly price your home?
This is a real struggle for many sellers.
Pricing is part science, part art. There is no formula for determining your home’s price, but there are several tips to follow in order to come up with the best one.
- Study homes sold.
Research and careful evaluation are important factors in pricing, and this is the part where those two factors come in.
You want to have a list of homes in your area that were recently sold within the past three months. Find the homes that are similar to yours, know their listing prices, and how much they sold for. When you do this, you’ll see a pattern in the prices.
This pattern indicates buyer activity. It shows how much buyers are actually willing to pay for the homes.
Having a real estate agent is great because he or she will prepare a CMA (comparative market analysis) for you. The CMA contains a list of comparables, and it also contains a wealth of information that you can use in pricing your home.
- Know your competition.
You should also look at current homes for sale in Waukesha County. This can be found on the MLS. These active listings are your competition. It’s always better to know about the competition, whether they’re selling at market price or higher. This way you can adjust your own price.
- Never overprice your home for sale even if you have “time”
There are three pricing strategies you can use to price your home, and going higher over the market value is one of those.
Sellers who opt for this technique are those who feel they have plenty of time, not being in a hurry to sell their home.
I personally feel that is a risky technique. The internet is one of the first resources buyers go to when they look for homes, and with so much information on different real estate sites, it is so easy for buyers to see how many times the home sold was before, how much it was sold for, etc.
All a buyer needs to do is click the home and the public data is available. They will know your home is overpriced.
Homes listed above market value sit on the market for a long time. When they do sell, it’s always usually at below market value.
- Haggle but don’t overreach.
As a seller, you want to sell your home for its best price. Buyers want to buy the home at its fair market value.
Leave room for negotiation, enough for both parties to have time to adjust to their preferred price range. However, don’t be so stuck on the price that you want, or you may end up losing a good buyer.
- Adjust ASAP.
If your home has been on the market too long, or if you start receiving feedback that your home is overpriced, adjust it right away. You’ll lose a lot more money if you remain stubborn and stick with your original listing price.
There is no mystery to coming up with your home’s right price. All it needs is the help of a great agent, several important real estate tools like CMA and MLS, and your willingness to negotiate.
Planning to sell your home this year? I’m Kristin Johnston, your real estate agent in Pewaukee WI. Call me at 414-254-6647. Let’s make your home selling process a huge success!
**In case you can not view this video here, please click the link below to view How to Price Your Home to Sell for Top Dollar? on my YouTube channel: https://www.youtube.com/watch?v=mNSj9WwDyGw&feature=youtu.be**