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Lot Size8,712 sqft
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Home Size2,100 sqft
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Beds5 Beds
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Baths3 Baths
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Year Built1995
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Days on Market6
Pricing Strategy Options
- Real Estate Tips
- August 30, 2022
So, you’ve decided to take advantage of the current seller’s market and list your home for sale. That’s smart! With the low inventory, there is a lot of competition on the market amongst buyers. That means you are at the advantage as a seller. However, the big question is- what should you price your home at? There is a risk of pricing it too much or too little. Take a closer look at these tips to price your home right!
Pricing Strategies to Consider When Selling Your Home
There are many different strategies to consider when pricing your home. The right strategy will depend on your Realtor, your area, and your market, as well as the current clientele. There is no “one size fits all” when it comes to a pricing strategy. Take a look at some of the most common approaches:
Price it Below Market Value: In this strategy, the goal is to lower the listing price to attract more buyers. In this instance, sellers may choose this strategy to create a bidding war. This can be an effective strategy, but it is not always recommended by Realtors or real estate agents.
Price it Above Market Value: Pricing it above market value may raise some eyebrows, but it can be an effective strategy in this market when the inventory is so low. There is less competition, so it is more likely to sell. In a different market, it may take awhile to sell, but it is less likely in this one.
Price it Below Market Value: In this strategy, the goal is to lower the listing price to attract more buyers. In this instance, sellers may choose this strategy to create a bidding war. This can be an effective strategy, but it is not always recommended by Realtors or real estate agents.
Price it Above Market Value: Pricing it above market value may raise some eyebrows, but it can be an effective strategy in this market when the inventory is so low. There is less competition, so it is more likely to sell. In a different market, it may take awhile to sell, but it is less likely in this one.
Set it at Market Value: This strategy is all about playing it safe and letting the buyers come to you. Essentially, this strategy focuses on being fair and allowing the market conditions to work in your favor. The right price at market value could attract more buyers that bid for it!
Set it Using Comparative Market Analysis: CMA for short, this tool allows you to access data around the surrounding market to see what other homes are selling for. This tool can be a part of an effective strategy that lets you find the most comparable price for your area. It takes information about your property, such as square footage, area, etc., and allows you to make an informed decision about the listing price with all the factors in mind.
Which Strategy Should I Use When Selling My Home?
The best advice is that you should trust your Realtor! Choosing the right Realtor means you can choose someone that knows which strategy fits your situation and home best.
