Pricing Your Home For Sale

Analyze Recent Sales, Not Just Listings

The first step is to look at recent sales with your real estate agent. This can provide a clearer picture of what buyers are actually paying, as opposed to the optimistic asking prices you may see. Often, homes are selling for quite a bit less than they are listed for. Pay attention to:

• Sales Trends: Are prices rising or declining month-over-month? Understanding these trends can help you decide whether to price your home higher or lower than recent sales.
• Time on Market: How long are homes sitting before they sell? Homes that sell quickly may indicate a strong demand and potential for a higher price.

Consider Professional Appraisal

In areas with few recent comparable sales, especially markets with many custom homes, getting a professional appraisal can be beneficial. Although it costs a few hundred dollars, it provides a thorough evaluation of your home’s value considering:

• Unique features (e.g., views, lot size, remodels)
• Comparisons to recent sales
• The local market conditions

Rely on Experienced Agent Advice

Lastly, trust the advice of an experienced real estate agent. They can provide a realistic view of the market and help you avoid the temptation to overprice your home. Key reasons to follow your agent’s advice include:

• Market Knowledge: Experienced agents understand the nuances of the local market better than most.
• Strategic Pricing: They can help you set a competitive price that attracts buyers and sells your home quickly.
• Realistic Expectations: Your agent can manage your expectations and guide you through the pricing process effectively.

Pricing your home correctly in a market where many are overpricing is crucial. By analyzing recent sales, considering professional appraisals, and relying on an experienced agent, you can ensure your home sells quickly and for the best possible price in the current market.