Pricing a home right from the very beginning is one of the most important elements in getting it sold quickly. Overpricing a property often leads to it sitting stagnant on the market, which inevitably leads to price cuts and the possibility of selling your home for far less than what you should’ve priced it at originally. But contrary to popular belief, a lot goes into properly pricing a home, and it’s something that most professional Realtors will say is a special kind of skill. So just how do I price Durham homes to sell, you ask? Let’s take a quick look below…
Once listing your home, the ultimate goal isn’t finding just one potential buyer, but as many as possible. In some instances, listing a home at the lower end of a valuation range helps generate more interest, and possibly even a bidding war, ultimately bringing the final sales price closer to the higher end of a valuation range. In other words, as backwards as it may seem, strategically pricing your home for a lower price can sometimes lead to making more money.
Most home buyers will say they’re looking for a place “under [choose your amount].” When this is the case, a buyer’s agent will regularly send his or her clients new listings that fit their individual budget. So for example, if you’re hoping to get $400,000 for your home, why not price it at $399,999 so it’ll populate in real estate searches “under $400,000?” It makes sense, right?
My pricing strategy is highly data-driven, meaning I’ll look at recent sales, other comparable properties currently on the market, and of course take any special features into consideration as well. Nowadays, home buyers have access to an incredible amount of information, which is also why it’s so important to also use this information as home sellers and price your home accordingly.
Getting the most amount of money for your home is just as much my goal as it is yours. But it’s also important for home sellers to be realistic with their expectations too. So just in case, a home isn’t selling at its original list price, always have a backup plan prepared should things not go our way initially. Having an agreed upon price change after a certain timeframe will save time, and it also ensures a much smoother home selling experience if everything is already out on the table prior to even listing your home. Hopefully, it never comes to this, but it doesn’t hurt to be prepared.