Get Ready - Pricing is one of the most crucial aspects of your marketing
effort. The figure your choose must reflect the various attributes of your home, the state of
the market, and your need or desire for a fast sale.
Setting a Price
Deciding on the right price isn't easy. Set too high a price and your home may languish on the
market - too low and you may get thousands less than you could have.
Work with Your Agent
Your agent is in the market every day - no one can offer you a better view of pricing and
sales activity. Once your agent is familiar with your home and its features, he or she can
prepare a comparative market analysis and propose a listing price.
Seriously consider this pricing, but don't be hesitant to disagree or suggest another figure
- just try to be realistic.
Consider Market Conditions
Real estate markets are highly cyclical. While home prices have typically risen over extended
periods of time, the road is sometimes a bumpy one. The price you will get for your home -
and the time it will take to get it - depend to a great extent on the overall state of the
market. Our guide to evaluating real estate markets
can help you figure out how to proceed.
Be Objective About Your House
It's important to be objective about your home when setting pricing. Remember, it's really
not relevant what you paid or how much you love the property - the important consideration
is what the market will bear at this time.
How Quickly Do You Need to Sell
Setting real estate prices is not an exact science. A low asking price may generate a fast
sale, while a bit of patience - and a higher listing price - may allow you to net a larger
figure. It's important to be honest with yourself about your needs when setting a price. Our
quick sale checklist can help you decide if it
makes sense to accept a bit less in return for a faster sale.
Is Your Home Overbuilt?
Generally, nicer homes yield higher sales prices. This relationship begins to diverge a bit,
however, near the top of the market. Overbuilt
homes rarely sell for the prices it appears that they should. Buyers in the price range of
the overbuilt home are generally interested in more upscale communities, while the typical
buyer for the area cannot afford to pay a significantly higher price. If your home is overbuilt
you may have to accept the fact that you won't be able to get the price you think you should.
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