The price you list your home at will either help or hurt your chances to sell for top dollar. Here’s why.
Looking to sell your home? Click here to use our free home evaluation tool.
Looking to buy a home? Click here to search all houses on the local MLS.
Your home sale success has a lot to do with your pricing strategy, and a recent survey by the National Association of Realtors proves it: They found that properly priced homes go under contract within two weeks or less of their listing date. Also, studies show that the median-list-to-sales price ratio is currently at 100%.
Market research tells us that well-priced homes usually spend around three to four weeks on the market before going under contract and selling for 97% of their listing price, while homes priced over their appraised value languish on the market and fail to attract much interest. When a seller whose home is overpriced is lucky enough to go under contract with a buyer, a lot of times, the appraisal will come in below the agreed-upon contract price, resulting in one of two things: The parties reach a deal based on the home’s appraised value or they don’t, in which case the home goes right back on the market.
Be sure to go check the property if there have been major storms (be they hurricanes, wind storms, heavy rains, or ice storms) to make sure everything is still in good shape.
If you want to sell your home for top dollar, pricing it according to its market value is a must. When I meet with my sellers, I carefully evaluate their home’s condition while also taking its location into account. Once I’ve gathered all relevant information about the home, I look at and compare it to similar recently sold properties in the area. From there, we can put together a competitive pricing strategy.
It’s also important to recognize that almost all buyers start their home search online and have identified the price bracket they’d like to receive notifications about, so when you price your home too high, a potentially interested buyer may not even know about it. If that same buyer does happen to see it, they’ll notice its price and move on. Sure, you can adjust your price after it’s already been listed, but by then, it’s old news and they’ve likely lost interest.
If you have any questions or would like my help in selling your home, please give me a call or send me an email. And for other buying and selling tips, visit my website at ShannonR.com and click on the ‘Video Library’ link. I look forward to speaking with you soon!