Sellers think their homes are worth more than their real estate professional recommends, and buyers think these same homes are worth less.
It’s a difficult disconnect that makes selling properties a challenge. Successfully marketing a home requires that the price be set carefully — or it will languish on the market. Among the considerations:
- How many homes are for sale in the neighborhood? The more homes on the market, the more important it is to list at the lower end of the scale. No matter where you price your home, buyers are going to want to understand the rationale behind why your house is the cheapest or most expensive. In the end, buyers will pick the house with the most value.
- Take short sales and foreclosures into consideration when pricing. If the competing properties are in lousy condition, they are less of an issue, but if they are well taken care of, yet priced 25 percent below market, they can be a serious factor.
- Negotiate decisively. Many buyers have options so when you counter an offer, be prepared for the possibility that the counter might be the end of the discussion.
- If you have to . . . cut the price. If no one shows up for an open house, if no one calls and if there are no offers, then the price is too high. That means it’s time to make a meaningful price cut.
Pricing your home for sale
When you put your house on the market, setting the price is one of the most important decisions you make. Many Realtors believe that pricing is can make or break your sale. Under-price your home and you might cost yourself tens of thousands of dollars. Overprice your home and you risk watching it languish on the market. But how can a seller know exactly what the best price is?
Can you rely on Zillow? Not according to Zillow. Even in areas where the software has the highest confidence, Zillow says their pricing varies by 5% to 10%.
You can rely on your Realtor. Nesbitt Realty’s agents have years of experience pricing homes for sale and helping buyers and sellers. They combine this experience with proprietary real estate software to give you a valuation you can trust and to help you make your best decision possible.
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