PRICED TO SALE

Mastering the Art of Home Valuation and Pricing

Pricing your home is no simple matter. Too low and you lose money, obviously. Too high, and you lose buyers. There really is a just right price for every home and seller.

Setting your home sale price should be based heavily on the market and comps in your area. The comparison process involves researching homes that are on the market or have recently sold that are similar to yours in size, condition, location, amenities, etc. can advise you on the additional value (or deficit) of your home’s unique features and factor that into the equation.

Beware of any agent who names a higher listing price than their competitors. This technique is sometimes used by agents to secure more listings, but it hurts the seller in the end. Higher listing prices should always be justified. Don’t fall into the trap of setting too high a price, with the justification that you can always lower the price if it doesn’t sell. Your buyers will have comps, too. They’ll know the home is overpriced and distrust the sale. What’s more, the longer a home stays on the market, the less perceived value it has.

Do your research. Ask your agent to validate and justify any suggested prices. Be wise and cautious, and start with the right sale price for your home.