Contact Your Area Expert

    Pricing Your Home

    Pricing your home is both an art and a science. Achieving the optimal price is the result of both objective research into comparable properties and a gut feeling about your property and the current market.

    The right price should:

    • Attract buyers
    • Allow you to earn the most money possible
    • Help you sell as quickly as possible

    The simple fact is, price is the number one factor that most homebuyers use to determine which homes they want to view. And it's important to remember that, although the price is set by you, the value of the home is determined by the buyer. Try to avoid allowing your enthusiasm to impact your better judgment - overpricing is a common mistake that can cost you in the end.

    The Importance of Proper Pricing

    • Faster sale and less inconvenience
    • Exposure to more buyers
    • Increases Realtors response
    • Generates more advertising/sign calls
    • Attracts higher offers
    • Means more money to seller
    • Avoids being "shopworn"

    What really matters is how your home stacks up against the others currently offered for sale and recently sold in your neighborhood. Buyers will be comparing.

    Common Reasons for Overpricing

    • Faster sale and less inconvenience
    • Exposure to more buyers
    • Increases Realtors response
    • Generates more advertising/sign calls
    • Attracts higher offers
    • Means more money to seller
    • Avoids being "shopworn"

    Dangers of Overpricing

    • Most of the activity on your home will occur in the first few weeks. Pricing a home properly and then creating immediate urgency in the minds of agents and buyers is critical.
    • Buyers who have seen most available homes in their price range are waiting for the "right house" to come on the market. That's why if a house is priced right, it will sell quickly. The buyers are there waiting for it.
    • Don't start with a high price and the assumption that you can reduce it later. By the time you decide to lower the price, it may be too late, as interest will have alreadywaned.
    • A major cause for concern is appraisal problems; overpricing can lead to loan rejections and lost time.
    • Even if your home is nicer than other homes in the same area, your house won't be picked for viewing if you set the price too high.
    • Buyers and agents become aware of the long exposure period and often are hesitant to make an offer because they fear something is wrong with the property.
    • Attracting the wrong buyers.
    • Fewer potentially qualified buyers will respond.
    • You might help sell similar homes that are priced low.
    • You could lose money as a result of making extra mortgage payments while incurring taxes, insurance and unplanned maintenance costs.

    The Role of a Real Estate Agent in Pricing

    • Provide you with a comparative market analysis (CMA), a comparison of the prices of recently sold homes that are similar in terms of location, style, and amenities. A CMAis performed by comparing previously sold homes in the area, and currently active homes to know your competition.
    • There is no "exact price" for real estate
    • We don't tell you what we think your home is "worth".
    • The market determines value…together we determine the price.
    • You determine the price based on the factors you control:
          - Marketing time
          - Financing alternatives provided
          - Condition
          - Exposure method
    • Keep in touch with market trends and keep up to date with market activity of comparable homes.
    • Estimate your net proceeds.
    • Help to determine offering incentives.
    IDX-logo Properties marked with the IDX logo are provided courtesy of the RealTracs Internet Data Exchange Program. Some or all of the listings may not belong to the firm whose website is being visited (Zivak Realty Group | Benchmark Realty, LLC, (615) 432-2919). IDX information ©2024 MTRMLS, Inc. Information is believed to be accurate but not guaranteed by the MLS or Zivak Realty Group | Benchmark Realty, LLC. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated 2024-04-24T21:00:01.000Z Based on information submitted to the MLS GRID as of 2024-04-24T21:00:01.000Z. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
    © 2024 Zivak RealtyGroup | DMCA
    Branded and Built by Solvios

    Contact Us