Pricing Your Home
As a first step in the creation of your pricing strategy, we implore you to review homes for sale in the Raleigh area because this will give you an idea of all the homes that are competing for buyers right now. Homes that are priced correctly are snapped up quickly but, on the flip side, homes that aren’t priced correctly will sit bottom line. This does not translate into dropping your price so that you give your house away but, rather, that you need a plan to secure the best price possible for the home you are selling. Simply put, you can change your price or you can increase the perceived value of the home you are trying to sell.
Pricing your home too high can lead to a lower sale price. No amount of home staging or upgrades will overcome a home that is priced too high. You’ll also need to be wary of agents that tell you what you want to hear in order to gain your listing. Be sure to challenge your real estate agent and ask questions about why he or she feels a certain price is better than another. It’s easy to tell you where to price your home; it’s another thing show data and provide rationale.
WHAT ARE GOOD COMPS (COMPARABLE HOMES) AND WHY USE THEM?
Another early step in this process is researching comparable homes that have sold to gain insight on what a buyer might pay for your home. We are fortunate in Raleigh because we have always had good turnover which means you can always find comparable homes to help you set the right price for yours. Here are a couple of key factors when looking at comps:
- Location – A good comparable sale is a house in your neighborhood, your subdivision, on the same type of street as your house and in your school district.
- Type of home – Compare similar homes like two-story to two-story, ranch to ranch, etc.
- Home improvements – Have you updated your house with new flooring? New kitchen cabinets and counter tops? New bathrooms? New lighting and plumbing fixtures?
- Date sold – Comparable sales should not be older than 90 days.
- Closing costs – Did the seller of the home you are comparing yours to pay benefits to the buyer for things like closing costs? If they did, you will need to subtract those from your price.
- Buyers seek value – When there are a lot of other homes for sale like yours, you will need to show the buyers more value than the other homes for sale are offering.
WHY HIRE US?
Because we work with you to anticipate what might happen in the market so we can be ready to address any changes the market is asking for. Our proactive home marketing strategy is also designed to drive qualified buyers to see your home because that is what gives you the best chance of getting an offer. Don’t think for a second that there’s not a buyer out there for every house on the market. Contact us and we’ll get started!