Important Factors to Consider When Pricing Your Home
Pricing your home is one of the most important aspects of your real estate transaction. How can you be sure your home is priced to sell for the most money possible?
How much is your home really worth? This is a hot topic in our market right now.
There is an old sales adage that any product or service is worth whatever a buyer is willing to pay and that the seller is willing to accept. I know you’ve probably heard that, but there really is a science to pricing property.
In 2012 I was asked to collaborate with other top agents across the country on a book called “Cracking the Real Estate Code” which became a bestseller right out of the gate, and all proceeds went to charity. You can get a copy at DeniseSwick.com.
So what is important about pricing?
Many of my clients that had previously been with other agents and who failed to sell their home have said that the agent asked them what they wanted. We’d all like to get everything we want in life, but wouldn’t you agree that it is completely unrealistic? When this happens, run.
“If your doctor asked you what prescription you wanted, you’d find a new doctor!“
You hire an agent to help you market, service, and price your home to get the highest current value that the market will bear. If you went to your doctor and they asked you what prescription you want to take to fix your need or ailment, how would you feel? You’d hire a new doctor!
These are the four most important things to look for when pricing:
- Make sure the comparable homes the agent uses are within the last 90 to 120 days (there may be a few exceptions to go back farther, yet very few).
- Make sure the comparable homes are comparable. It doesn’t make sense to use two-story homes to price a ranch home.
- Make sure the location, neighborhood, and size are very similar in nature. Even neighborhoods touching one another can have very different prices.
- Make sure the agent has confidence in the price they recommend to you. Looking for an agent with a track record of success and experience is a great way to start.
If you have any other questions about pricing your home or you’re thinking about buying a new one, give me a call or send me an email soon. I’d be happy to help!