Effective Pricing Strategies for Today’s Market
Pricing a home for sale is potentially the most important strategic decision you will make when selling your home. Today’s buyers are even more savvy and astute than years before. With the Internet tools available, buyers are able to compare the list price with other listings in the area, see the public tax records with the most recent sale dates. Much of this information is available from the public records and is valid, however much of it is also incorrect. Your real estate agent is able to provide you with the most recent sales in the neighborhood of similar homes in terms of age, size, number of bedrooms and other amenities.
Pricing is important because price is what gets buyers interested in making an appointment to view your home in person. Many sellers assume they need to “price in negotiation room” so they want to price the home high so they have room to come down. There is some validity to this thought, however since the buyers already have access to pricing data for similar homes, they already have a good idea what a fair price is and simply ignore overpriced homes until the sellers come down to a reasonable price. It might surprise you to learn that pricing aggressively at the beginning can potentially help you sell faster with a higher net profit
You are in a competition! When you list your home for sale you must win a Price War and a Beauty Contest. What does this mean? Well, in simple terms, buyers are looking for the home that meets their needs with the most features for the lowest price. Value! Buyers are looking for value. Are you aware that most buyers in today’s market look at 14 to 15 homes before selecting one? That means your home is competing against 13 to 14 other homes. How are you going to win that competition? It all comes down to price. Homes that are over priced tend to sit on the market and get stale. Then buyers start asking: “What’s wrong with this home that has caused it not to sell?”
You may have made many improvements to your home such as updating the kitchen and baths, maybe even an addition and are curious about if you will get the money you invested out of the house. Some improvements yield a higher return than others and consulting with a real estate professional knowledgable about the local market conditions can be greatly advantageous before you sell as you are determining what work you may or may not want to pursue.
At the Lockhart Real Estate Team, we study the real estate market and home prices on a daily basis. Effective pricing for your home encompasses many more factors than recent sales of other homes in the neighborhood, even though that is the place to start. We take time to listen to you and learn your unique situation, goals and what is most important to you about this sale.
Are you looking to sell? Maybe you’re simply curious about what your home is worth in today’s market. Call 940-228-1730 or use our Instant Home Valuation Calculator. This tool allows you to obtain an on-line home value in only 15 seconds.
Check out our Comprehensive Guide answering How to Sell Your House Fast in Wichita Falls.
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