Pricing Your Home Right the First Time
Thinking of selling a home in Wilmington, NC? Before you get started, you’ll want to make sure you’ve read these handy tips and strategies on pricing your home RIGHT the first time!
Important Things to Remember
Before you get started, always remember these four things about the value of your home:
- What you paid for your home does not affect the value.
- The amount of cash you need from the sale does not affect the value.
- What another real estate agency says they can get for the sale of your home does not affect its value.
- What an appraiser says your home is worth does not affect its value.
So… what does decide the value of your home?
The Buyer Always Determines the Value!
The value of your home is determined by what a willing and able buyer is willing to pay in today’s market based on comparing your home to others currently on the market. So… how do you find that price a buyer is willing to pay?
Remember, today’s buyers are highly value-conscious.
They look at more homes in a wide range. They have more access to market values, which gives them more knowledge on market trends and values. Also, with buyer agency, they receive advice on making offers on homes with the best value.
Solution: Our team will present the same information to you so we can value your home strongly against other homes in the market area. Even the top selling agent with the top selling company cannot sell a home priced incorrectly.
Focus on pricing right the first time you list.
Overpricing a home is the single most harmful factor to your final sales price, as it usually necessitates significantly lowering that price. Your home will generate the most excitement from buyers during the first 4–5 weeks it’s on the market; after the initial period the only buyers viewing your home will be new buyers just coming into the market. Overpricing your home means buyers will choose more competitively priced homes first.
Buyers and agents compare your home to other homes in the market by looking at location, square footage, age and style. Pricing right and making fast adjustments in your price as the market dictates is critical because your property does not have a long “shelf life”. Generally speaking, buyers and agents do not have a positive opinion of homes that stay on the market longer than the area average.
Solution: Request a Home Valuation from our team so we can tell you exactly what your home is worth and ensure you set the price right the first time.
Pricing Your Home Correctly…
Creates excitement, attractions more buyer appointments, and always leads to a quicker sale for a higher price.
Price is a moving target because the market is always changing based on the motivation of the other sellers you are competing against. You can select the right price today, go to bed tonight, and wake up to a property that is now overpriced based on new listings entering the market and other sellers who decide to reduce their price.
Our team is always watching price closely and advising you of market changes. Be ready to adjust quickly if the market changes. Staying ahead of the changing market and strategically positioning your price against the competition is the only way to win at the Price is Right Game.
To get your FREE Home Evaluation, just contact us at mike@bainrealty.com or (910) 367-1671.
