Effects of Pricing
- Pricing too high or too low can have negative effects on a buyers interest.
- A few factors need to be considered when determining value. 1 Economic Stability + the number of homes actually selling in the area 2. Location 3. size and Price become the primary factors for buyers in deciding whether or not to buy your home
- You’re in competition with all of the homes in the vicinity, buyers are on a mission to find the best value…and they always achieve this.
- Because buyers discover value mainly on comparison it then becomes very important that we do the same
- By knowing what others in the area have priced and sold their homes for we will be at an advantage by being able to strategically price your home to attract the most amount of buyers in the least amount of time.
- Remember the most interest in you home will be generated in the first 2 to 3 weeks
- You won’t get a second chance to make a first impression
This is a critical period since most buyers are egger to find out more about latest homes
Pricing your home
Pricing it right
A few factors need to be considered when determining best value:
1) Economic stability – The number of homes actually selling in the area.
2) Location – If the home is located in a highly desirable neighbourhood near excellent schools, there will be more demand for the home.
3) Condition – Homes in tip-top shape that sparkle and shine sell much faster than homes that need repairs or are cluttered.
4) Price – Pricing too high or too low can have negative effects on a buyer’s interest.
Remember, the most interest in your home will be generated in the first 2 to 3 weeks. You are in competition with all of the homes in the vicinity, buyers are on a mission to find the best value… and they always achieve this.
- When considering a price for your home it is important to understand that your home serves two functions, first, it is a home that you live in and enjoy and Second, it is an investment.
- When selling your home it is important to look at it from a buyers perspective to get the most amount of money for the home
- You actually have control over the two critical factors that ultimately determine a buyers decision pricing correctly and preparing the home for sale.
- If you felt your home needs too much work to properly prepare the home to sell the chances are potential buyers will feel the same way too.
You will want to prepare your home to reflect it’s true value in comparison to other homes within its price range because this is what potential buyers will use to compare yours to.
Make your house more sellable
While we all believe that our home is our castle, our personal tastes may not appeal to everyone. Our sales team will work with you to give you an impartial analysis of your home – how it relates to other “competing” homes on the market and how your home reflects current design and style trends. Your sales representative will also take a good look at the general condition and upkeep of your dwelling.
Overall, our sales team will work with you to position your home on the market so that your sales experience will take place as expeditiously as possible.
Pricing Accordingly, The pitfalls of Over-Pricing
Price at above market value – Once we establish what the current market may pay for your home, sellers can price it much higher as some agents recommend in hopes of hitting a possible home run with an offer from an uniformed buyer or an out of town buyer – What can happen here is that you can price yourself out of the buyers price category leaving you with no showings or interest and a stale listing while chasing the market by reducing your price multiple times.
It will take longer to sell
You will have fewer showings
You will receive lower offers
Your property will help sell other properties