Why is it Important That You Accurately Price Your Home?

Without question, the number one priority for any seller is to price their home correctly so the home sells for the most amount of money in the shortest time possible. Introducing a property onto the market at too high of a sales price will inevitably cause the property to sit on the market for an extended period of time, which is not what we want. The old adage is that you only get one chance to make a great first impression is particularly important when setting the correct sales price for the home.

When the home enters the market, it is immediately tagged as a new listing. This “honeymoon” period is vital at getting your property to the most eyes possible. If the home is priced too high, most people will ignore it. However, if the home is priced just right, it will immediately translate to showings and if presented well, offers will come in. Every seller should consider this when determining the price of their home. Would you like the opportunity to negotiate multiple offers, or none at all?

When it comes to determining the appropriate sales price of your home, there are a number of factors you need to consider and is the reason why you should work with a powerful listing agent with a proven track record and strong marketing plan. It’s more than just what recent properties have sold for, but also what’s for sale that is similar. What is for sale and what is your competition? This is a beauty competition and a price war.

Next, consider the monthly carrying cost of your property. If your motivation is to sell the home quickly, it is critical to price your home to get a quick contract which will alleviate the carrying costs. If a property sits on the market for too long, most buyers will ask a similar question, “What is wrong with the house?” To prevent your listing from becoming “stale,” you must price your home accurately. No seller wants a stale listing.

Over the last few decades, both buyers and sellers have become extremely savvy to property prices and values thanks to the internet. A “Zestimate” does not reflect what a buyer would actually purchase the property for. Another factor to consider is if the condition of your property warrants a price adjustment. This could be due to a property that’s very similar yet at a lower price.

If you would like comparative market analysis to see what your home is worth, give us a call at (561) 395-8418 or email us at info@pbprealestate.com. Thanks and have a great day!