Setting the Price on Your Home

Along with location and condition, the pricing of a house is a major component of the reasons why a house will--or will not--sell quickly.

It's important to get it right the first time

Avoid over pricing your home! This is VERY VERY important.

1. If the house is overpriced, it won't sell. If it doesn't sell and sits on the market the listing quickly becomes stale.


2. If you overprice the house with the intention of reducing the price later just to "see what the market will bear", when the price of the house is lowered, it signals to buyers that it was (and still may be) overpriced.


3. In today's market, the price needs to be set competitively with the other homes for sale. Let the buyers drive up the price in overbidding!

Some factors that affect the price of a home

1. Location: If your house is located in a desirable area that is in demand, you will be able to get a higher price than you can for the same house in a less desirable area.
   
2. Condition: A house that has been better maintained and shows better will always sell for more than one that has been neglected and needs work.
   
3. Desirable amenities: If a house has amenities that are currently popular in the marketplace, it will bring a higher price.

Arriving at the optimal price

Arriving at the optimal price requires evaluation and understanding of current marketing conditions, the marketable features of your home and recent trends in the real estate market. When assisting you in determining a listing price for your home I will answer the following questions:

• What have buyers recently paid for similar properties?
• In today's market buyers may compete for your home and offer more than the asking price. What was the asking price versus the amount that the buyer actually paid?
• What properties are competing for the attention of buyers right now?
• What properties have not sold, indicating what prices buyers are unwilling to pay under current market conditions?