How Much Should I List My Home For…

How Much Should I List My Home For…


by Will Woods of The Woods Group Keller Williams Realty

After much thought and consideration you have decided to sell your home. You’ve done enough research to know it’s a buyers’ market. Then you consult with your realtor about a good selling price…
The National Association of Realtors reports that sellers typically get the best price for their home in its first two weeks on the market.  Many sellers believe that we should price our home as high as possible to make the most money.  That strategy doesn’t work.  What usually occurs in this scenario is the home sits on the market for a while and then the price reductions begin.
I believe the list price of the home is the second most important tool in selling the home behind presentation.  It’s more than a value, it’s a vital piece of marketing the home, attracting the right type of buyers.
We first look at what similar homes have sold for in the last 90 days to determine a good starting list price.  Then we look at comparable homes currently on the market to see how we stack up against the competition. If our home does not show as well as others, then we should have a better price.  If our home shows better, then our price can be a bit higher.  Our home needs to win the competition against homes currently on the market. Next, we set a price to reach the most buyers through all the available search engines.  If a fair price for the home is $304,000 then we price it at $300,000 instead.  That will attract buyers with a ceiling of $300,000 and buyers with a low price of $300,000.  It is more important to reach many buyers than it is to price the home exactly at $304,000. Lastly, we have to think about the buyer we are attracting.  If we set the price too high, we attract buyers looking for a deal and they will make the transaction difficult with their constant negotiations. If the price is fair and reasonable, we can attract a couple of buyers that will do what it takes to get the home.  These buyers are typically much easier to deal with on repairs and appraisal, and overall they are more accommodating with the terms of the transaction. THIS IS YOUR BUYER.
All in all, the list price of a home is a strategically important part of selling your home.  There are plenty of tools to provide you with concrete data to support any suggested price.  Think about it this way, agents do not set the home prices, they only interpret the market.
If we can every assist you with your real estate needs, please call The Woods Group at 214.733.9239.

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