Pricing Your Home
Correctly pricing your property is critical. Price your home too low and you’ll lose money; price it too high and buyers will shy away. The JWA will be able to give you a Competitive Market Analysis for your home, which will help you determine the value of your property, as well as give advice on the condition of the present market.
BUYERS AND SELLERS DETERMINE VALUE
The value of your property is determined by what a buyer is willing to pay and a seller is willing to accept in today’s market. Buyers make their pricing decision based on comparing your property to other properties sold in your area. Historically, your first offer is usually your best.
- What you paid.
- What you need.
- What you want.
- What your neighbor says.
- What another agent says.
- Cost to rebuild today.
- Proper pricing attracts buyers.
- An overpriced house will not sell.
- Pricing your home right the first time is key.
- The buying market has a short attention span.
- We want to generate offers before the market moves on to newer listings.
PRICE IS RIGHT
Pricing your property competitively will generate the most activity from agents and buyers. Pricing your property too high may make it necessary to drop the price below market value to compete with new, well priced listings.
DON’T PRICE ON THE NINES
When pricing homes, some agents have a tendency to price on the nines (eg. $299,900). However, most buyers and agents search by increments of $5,000 or $10,000 (eg. 295,000 or $300,000). As a result of this pricing method, you are miss out when buyers and agents are searching online.
Determining Your Price
We are not the one who decides how much your home is worth. The market does. It tells us exactly where to price your property to sell and how to approach the marketing of it.
Here are the factors that will affect the value in today’s market:
Pricing your home properly from the start is the deciding factor on how long it will take to sell it.
Location is the single most important factor in determining the value of your property.
The condition of the property affects the price and the speed of the sale. As prospective buyers often make purchases based on emotion, first impressions are important. I’ll be able to help in optimizing the physical appearance of your home to maximize the buyer’s perception of value.
Prospective buyers are going to compare your property – both the condition and the price – to other listings in and around your neighborhood. Those buyers will determine value based on properties that are listed or have recently sold in the area.
Property values are affected by the current real estate market. Because we can’t manipulate the market, we’ll collaborate on a pricing and marketing strategy that will take advantage of the first 30 days your property is listed. It’s the window of opportunity when buyers and their agents discover your property and are most likely to visit and make offers.