Pricing Your Home
The most difficult part of the process of selling your home is finding the right price. This is also one of the most important! If you choose a price that is higher than its market value, you run the risk of discouraging serious, qualified buyers. If you price your home too low, you may drum up a lot of interest, however the end result will probably be getting less than you deserve.
Property Pricing Pyramid
The graphic below demonstrates the balance of determining your property's true market value. As the home's asking pricing increases above its fair market value, buyers who may be interested in the property decrease. When the price starts to dip below the home's market value, the interested buyers increase.
The asking price that you decide on should reflect your overall selling goals and your home's true value. Are you looking to sell quickly, or do you have time to wait for the right offer to come around? Make sure to consider why you are selling before setting your asking price.
Listing Your Home: Factors to Consider
It's important to keep emotion out of the equation when listing your home for sale. Buyers in the market aren't interested in the price you originally paid for your home, or your selling and financial goals. Additionally, while your home might have characteristics that you value highly, they could potentially be features that limit the number of buyers who would be interested in purchasing your home, which can decrease the overall market value.
You'll also want to consider the current real estate market and trends. Are home values going up or down? Are there still a lot of properties with high days-on-the-market numbers? The most accurate way to determine your home's value is to speak with a real estate agent with experience in your area, and get a Comparative Market Analysis. Your agent will be able to help you to set an appropriate asking price that is in line with your selling goals.
To learn more about pricing your home for sale, get in touch with our team online, or call 310.774.4110! Our agents will be happy to provide you with more information and conduct a Comparative Market Analysis.