How-To Guide for Sellers: Pricing Strategies 101
So, you’re thinking about putting your home on the market. What’s next? While there are many steps involved in selling your home, the most important is pricing it just right. If you’re thinking to yourself “What should my asking price be?”, you’ve come to the right place! You’re right to ask this question, as price is the number one factor in getting a home to sell. Let’s take a look at a few helpful strategies…
1. Window of Opportunity
The first week is the most crucial. When your home hits the market, real estate agents will be the first to take note. If anyone viewing your home thinks it is priced too high, the opportunity is lost from the beginning. It is difficult to get this attention back! What’s that they say about first impressions…?
2. Ahead of the Market
The current state of the market is what will determine your price. Find a real estate agent who will show you how to get your home sold in whatever place the market is in. You will fall into one of two categories when listing your home, the first being your home is priced well and attracts buyers, the second being your home is priced poorly and will only sit on the market with no interested buyers. Do not fall into the latter! Otherwise, you will end up playing a game of “Catch up” with the market. The goal is to differentiate your home from the others and sell now, not wait and end up selling for even less than you would have originally. How to accomplish this goal in a market shift? Drop your price below market value from the start. The best price you will get is the one you get right away! No matter which direction the market is shifting, a seller should always price for the market that is coming, not the one they’re currently in.
3. Showcase Your Home in its Best Light
Rarely do buyers look at a house and picture its best version. Potential can sometimes be hard to show. Your home must beat the competition! When you talk about price, you are also talking about the condition of the home as well. They are interwoven. Simply, when your home is priced right, that means the price matches what you’re getting. When the home is overpriced, it means the price is too much for what you’re getting. This is where services such as staging, professional photos, and minor repairs come into play. In order for the property to stand out, you have to show buyers what all they’re getting.
Thanks for stopping by! We hope this has helped you. Part of our mission is to empower and improve the lives of others by sharing useful knowledge. Please share this with someone you know who may be looking to list their home!
Sarah Robbins and Associates
253-470-8163
33434 8th Ave S
Federal Way WA 98003
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