Pricing Your Home Right and Why It's ESSENTIAL!
I want to talk about a topic of conversation that I've been having with a few sellers about how to price your home and strategy about pricing your home so that you can maximize your profits and attract the most buyers.
Today, we're going to be talking about why pricing your home right is essential. And it's one of the most valuable things that you can do as a seller. According to the US economic outlook by the National Association of Realtors, home values are projected to increase 4.7% in 2020 and 4.1% in 2021. This means that experts are anticipating home values to keep climbing into next year. And today's low inventory is largely keeping prices from depreciating. So when it comes to pricing your home, the goal is to increase your home's visibility and to drive more buyers to your home. Instead of trying to win the negotiation with ONE buyer, you should price your home in a way so that demand is maximized and more buyers want to take a look. As a seller, you might be thinking about pricing your home on the high end, as so many of today's buyers are searching harder than ever for a home to purchase.
You're thinking higher price, higher profit, right? But here's the thing, just because you have a higher price does not mean that you're going to cash in big on the sale. Why? Because it's actually more likely to deter buyers and have them looking at your neighbor's houses instead. Even today, when the advantage tips towards the seller, if your home is overpriced, it's more likely to sit on the market longer or require a price drop, which can send the wrong message to buyers and send them running in the other direction. So how do you go about pricing your home, just right? To do this, you need to look at nearby comparable homes that have recently sold in your area. This is called running a comparative market analysis. A comparative market analysis is going to tell you what the current market value of your home is and give you and your agent some insight and strategies to help price the home just right.
This is something that your real estate agent can help you with. And if you currently don't have an agent, and you're curious about what your home is currently valued at, go ahead and click the link up top or below, and I would be happy to run a comparative market analysis for you. It's important to remember when coming up with a pricing strategy that when you price your home competitively, you likely won't be negotiating with only one buyer over the home. Instead, you'll have multiple buyers competing over the home, and that is ultimately what increases the final sale price. The key is making sure your home is priced to sell immediately and that way it will be seen by the most amount of buyers. More than one of them may be interested and your house will be more likely to sell at a favorable price. If you're thinking about selling your house this fall, let's discuss how to price your home just right, and maximize your exposure and your profits!