As we’ve covered previously, pricing is one of the most crucial elements of selling your home.
Overpriced houses often end up selling for less than they would have if priced correctly. Buyers tend to assume something is wrong with a house that has been on the market a long time.
Getting the price right
The key point is that the market dictates the price of your home. So the pricing process is all about looking at statistics and numbers of recent sales.
Work with your agent to accurately determine where the market is at. They have access to the prices of all the recent home sales in the area. They should also have a good handle on what trends are occurring right now.
Price close to the value it’s worth
The affordable end of the market is very price sensitive, where as there may be a little more room at the top price brackets.
We generally recommend you price within a few thousand of what your home is worth. Exceptions would be more expensive homes, or homes that don’t fit a common category.
If you overprice then people who would be interested will generally not bother to look at your home.
Overpricing will only get the attention of people who won’t buy your house. The people who come will be the ones who are looking at more valuable homes in the next price bracket. Your property will compare poorly to the other properties they are looking at.
Do the thinking
There’s no one size fits all. Make sure you have a good understanding of your price expectations and work with your agent to thoroughly analyse the market price.
It’s worth the effort, as the more accurate you are, the quicker your home will sell. And it will be more likely that you get a good price.