Pricing strategies are a major part of selling your home.
To market your house competitively, you need to set a price based on the facts using tangible factors.
Pricing is a balancing act
Your asking price is pivotal in determining how long your home will be on the market. You obviously want to achieve the best possible price.
- Pricing your home too high may reduce the number of interested buyers. This may cause your home to sit on the market too long, which may in turn create the perception that there’s something wrong with it.
- Pricing your home too low won’t achieve a great price and also may create some skepticism and raise unwanted questions about what may be wrong with it.
Research the Comp’s
Comparable Sales are known as Comps. Research Properties in your neighbourhood that are comparable to your property, & have recently sold. Your agent may provide you with a C.M.A. This is a comparative market analysis report to assist in valuing your home.
It is important to compare with actual sold properties. Not with list prices. Properties are only worth what people will pay for them. Comps must also be comparable to yours in position/age/condition/size/land/rooms etc
Don’t ignore Supply and Demand
Research your local housing market and recent fluctuations. Have prices been going up or down recently? In a seller’s market, properties will likely be somewhat overpriced, and in a buyer’s market, properties are often underpriced.
Where is the market currently? Your real estate agent is the best person to advise you on this. Even in a seller’s market, properties may not be overpriced if the market is on the upswing and not near its peak.
Seasonal housing market shifts
Different markets perform differently depending on the season – Make sure you look at which months are best for maximising the sale price for your home.
Online Pricing Strategy
It is important to adjust your price to account for online pricing benchmarks.
Once you have your home’s approximate value, you can then make small price adjustments that may boost aPortal listing’s visibility.
Why? People regularly set pricing filters when searchingon online property portals. So they only get to viewhomes that fall into that specific range.
For example – You list your home as $652,000. Buyerswho set their maximum price at $650,000 will never seeyour listing in their filtered search results.
It is important that you trust your real estate agent toestimate the sweet spot listing price. Experience, aproven track record and access to the right informationwill give them the knowledge to set the right price.
Disclaimer: Although all care is taken. We do not give any warranty whatsoever to the accuracy of any content. This is not meant to be financial or professional advice and is only of a general nature. You must seek professional advice before taking any action. The above information comes with no warranties whatsoever. We take no responsibility for any actions you may or may not take. All content is general only and is NOT to be taken as advice whatsoever
