Selling your home can be tricky. Maybe you’re doing it by yourself, or maybe you have an agent to help you, but either way, a smart pricing strategy must be formed in order to obtain the highest sale price. When coming up with that all important asking price, there are a few pricing strategies you should consider…
Find a balance between too high and too low:
When deciding on a price for you home, it is important that you find a balance between too high and too low. You don’t want to price it way higher than the house down the street because then they’ll take all of your business, but you don’t want to price it too low because then you won’t end up getting what your home is worth. So, how do you find the right balance? Conduct a market evaluation to find out what other homes around you are selling for, then compare your home to theirs. This involves researching similar properties and making adjustments based on the differences among them. You’ll also want to take market movements into consideration – is it currently a buyer’s market or a seller’s market? With these combined, you’re bound to come up with the perfect price for your home. If you have an agent on your side, they will be able to do this for you no problem!
Use the $.99 method
Pricing your home at a “just below” price at, say, $199,000 will draw in more buyers compared to a house priced at a rounded number like $200,000. It’s easier to advertise it too because you’ll be able to say that it’s listed UNDER $200.00 which sounds more appealing.
Don’t get creative with your pricing
Don’t price your home at a random number like $548.77 People will wonder where you got that precise number from. It also looks less appealing compared to a number like $599.99
People prefer visuals
Almost all home buyers start their search for a home online, and won’t even bother coming to see the property if the online listings aren’t compelling. Having your home listed online with professional photos showcasing the home’s most prominent features will help it sell faster.
Think like a buyer:
The things that you value in a home are most likely the same things that your potential buyer values as well. You have to take these things into consideration when pricing your home. It should reflect how your home compares to the others offered for sale. If the house down the street for sale has a mountain view, but yours only has a street view, that is something to consider when comparing pricing. Small details like that make a big difference in the buyer’s eyes.
The first couple of weeks on the market are the most crucial time when selling your home. This is when your home is exposed to all of the active buyers and when interest will be at a peak. If your home is priced too high, you will lose the attention of these buyers and may only have a few left. If after four weeks it still hasn’t sold, it may be time to reconsider the asking price.