Pricing your home is both an art and a science. Achieving the optimal price is the result of both objective research into comparable properties and a gut feeling about your property and the current market. A professional real estate agent will bring a custom strategic plan and the priceless experience of successfully selling homes in the area.
The simple fact is, price is the number one factor that most home buyers use to determine which homes they want to view. And it's important to remember that, although the price is set by you, the value of the home is determined by the buyer. Try to avoid allowing your enthusiasm to impact your better judgment - overpricing is a common mistake that can cost you in the end.
What really matters is how your home stacks up against the others currently offered for sale and those that have recently sold in your neighborhood. Buyers will be comparing those prices to your home!
Buyers are waiting for the ‘right house’ and will move quickly if it is priced correctly. When overpricing your home, you could miss out on a crowd of qualified buyers who are looking for exactly what your home can offer!
Your real estate agent should be not only an expert in the current trends but also the local market. By having an experienced agent guide you through the home pricing process, you’ll be able to set an accurate price for your home that will attract buyers immediately.
An agent has NO control over the market, only the marketing plan. Be careful to never select an agent based on price.
You have to educate yourself about your market and be realistic about the sale of your home. Sellers need to understand the current real estate market, because housing is a commodity, and the value of real estate properties fluctuates according to many factors including supply and demand, interest rates, and the current economic climate.
There is no substitute for a professional real estate representative when it comes to local market knowledge, and at Jeff Cook Real Estate we recommend that our clients start to visit open houses on weekends and see properties on the market. This is a great way to further your knowledge, especially if you are planning to buy too!