Setting the right sale price is the most crucial step when preparing to sell your home. A great real estate agent will take the time to explain the current market conditions, the key factors influencing pricing, and the fair market value of your property. Their expertise comes from a deep understanding of comparable sales and a strong knowledge of the local real estate market.
Pricing a home accurately is one of the most valuable skills an agent brings to the table, making it essential to work with someone whose judgment you trust. If your agent only tells you what you want to hear or relies too heavily on online estimates or neighborhood rumors, it might be time to find a new one. A savvy seller looks for an agent known for closing sales near the original listing price.
Why Pricing is Crucial
Overpricing a home can lead to significant challenges during the selling process. Buyers’ agents are aware when a property is priced too high, and they may avoid showing it to their clients. This can result in your home sitting on the market for an extended period, raising concerns among potential buyers.
Eventually, you might have to reduce the price. While a lower price can attract buyers looking for a good deal, it can also make serious buyers question why the price dropped. This can lead to offers well below your initial listing price or low-ball bids from buyers who think the home needs significant work.
How to Set the Right Price
To avoid the pitfalls of overpricing, trust your knowledgeable agent to walk you through the relevant market data and comparable sales that apply to your home. Avoid relying solely on metrics like price per square foot, as there’s more to a home’s value than its size.
Homes that are similar in size, layout, and location and have sold recently offer a solid baseline for setting your asking price. However, unique features like a stunning view or proximity to a preferred school district can affect your home’s value. Your property’s upgrades might also be appealing to certain buyers. Work with your agent to determine which aspects add value and emphasize these in your marketing strategy to potentially secure a higher price. If competing homes have more advantages, collaborate with your agent on a plan to address those differences.
Don’t let your home linger on the market. Trust your real estate agent’s expertise to help you find the right price for current market conditions and achieve a successful sale.
