Home Pricing 101: Understanding How to Set Your Home Selling Price and Why It's a Big Decision

Are you thinking about placing your home up for sale in the near future? If you dwell too much on the process itself, selling your home may seem a bit daunting. You have to deal with photos, listings, open houses, bids, counteroffers and much more. One of the decisions you will be faced with is setting the selling price for your home. In today's blog post we will discuss pricing and how to set a price that will attract potential buyers. 

You Are The Most Important Factor

It might seem a bit strange to think of it this way, but in many cases, the homeowner is the most important factor in finding the right price. For example, do you need a quick sale because you are moving for work? If you want a fast sale, you may need to list your home at a bargain price. Conversely, if you can afford to have your home on the market for a few months while you field offers you may price closer to market value.

Researching The Local Market

Next, you will want to research local market conditions to get a feel for the right pricing range. Are there other recent home sales in your neighborhood? On average, did they sell above or below the asking price? Are there many listings on the market now or are there just a few listings that may indicate intense buying pressure?

The market will play a significant role in choosing the right price. Don't overlook it.

Don't Get Greedy

The best possible real estate sale is 'high and fast, meaning your home sold quickly and for a high price. The reality is typically much different. You may get some buyers bidding, but all with low offers. Alternatively, you may only have one potential homebuyer come to your first open house. Whatever the case, keep in mind that you do not want to get greedy. Yes, it is great to sell high. However, you also want to close the sale so you can move on.

Too Much Trouble? Enlist Professional Help

If you feel that all of this is just a bit too much to bother with, don't fret. Your best course of action is to enlist the help of a professional real estate agent who has extensive home selling experience. When you're ready to sell your home, give us a call. We're happy to share our insight into the local market and advise you on the best listing price to get your home sold quickly.