Pricing Strategies That Will Help You Sell Your Home

Pricing Strategies That Will Help You Sell Your Home

Setting the right price is a major part of selling your home. To market your house competitively, it’s crucial to base your pricing on solid facts and tangible factors. Let’s explore the key strategies to ensure your home is priced just right.

Pricing is a Balancing Act

Your asking price is pivotal in determining how long your home will be on the market. Naturally, you want to achieve the best possible price, but it’s important to strike a balance:

• Too High: Pricing your home too high may deter potential buyers, causing your home to sit on the market for too long. This can create the perception that something is wrong with it.
• Too Low: Pricing your home too low won’t fetch the best price and may also raise unwanted questions about potential issues with the property.

Research the “Comps”

Comparable Sales, known as “Comps,” are essential. Research properties in your neighbourhood that are similar to yours and have recently sold. Your agent can provide you with a Comparative Market Analysis (CMA) report to help value your home accurately. It’s important to compare actual sold properties, not list prices, as properties are only worth what buyers are willing to pay. Ensure the comps are similar in position, age, condition, size, land, rooms, and other factors.

Don’t Ignore Supply and Demand

Understanding your local housing market and recent fluctuations is crucial. Have prices been going up or down recently? In a seller’s market, properties will likely be somewhat overpriced, while in a buyer’s market, they are often underpriced.

Where is the market currently? Your real estate agent is the best person to advise you on this. Even in a seller’s market, properties may not be overpriced if the market is on the upswing and not near its peak. Deciding whether to sell now or wait depends on both your personal circumstances and where the housing market is within its cycle.

Seasonal Housing Market Shifts

Different markets perform differently depending on the season. Make sure to look at which months are best for maximizing the sale price of your home. Your agent can provide insights into the best times to list your property.

Online Pricing Strategy

It’s important to adjust your price to account for online pricing benchmarks. Once you have your home’s approximate value, making small price adjustments can boost a portal listing’s visibility.

Why? Buyers often set pricing filters when searching on online property portals, viewing homes that fall into their specific range. For example, if you list your home at $652,000, buyers who set their maximum price at $650,000 will never see your listing.

Trust Your Real Estate Agent

It’s important to trust your real estate agent to estimate the sweet spot for your listing price. Their experience, proven track record, and access to the right information give them the knowledge to set the right price. At JKL, we ensure that you’re well-informed and confident in every step of your selling journey.

Experience our JKL real estate family. We’ll put the welcome mat out for you!