Price It Right To Sell Your Home In A Brisk Spring Market
Posted by Richard on March 9, 2023
A new job, a new baby, retirement, or maybe just a taste for change. You want more space, less space, new space — whatever the reason, you just want to sell. There are plenty of buyers even in this market since mortgage rates have dipped and there are slightly more houses available nationwide.
So one of the key questions is how to price your house.
Your real estate agent will look at comparable properties and show you the sale prices, but there is always some strategy in pricing a property, depending on the market and even the reasons for selling.
If you need to sell your home quickly, pricing the property at market value or below can attract buyers and lead to a fast sale. A modest price could also attract multiple bids if there are not a lot of comparable houses in the area and potentially net a higher price than you ask. On the other hand, if there are lots of similar homes on the market, you will probably not get more than your asking price, since buyers won’t get into a bidding war.
Pricing at or below market can also be a good strategy if you don’t want to do any renovation. You may attract buyers who want a deal and want to put some sweat equity into their new home. What you don’t want to do is price the home so low that buyers think there is something wrong with it.
Now there is a time to list a house above market value. That time is when there aren’t many comparable houses selling in the area. Another reason to go higher in price is when the house you are selling is in particular demand, maybe because of its location in a great school district or waterfront property, for example. But in general, you don’t want your price to be higher than comparable homes.
No matter how you price your home, you can get the best price by following traditional rules for sellers. Cleanup, de-clutter, and paint. Give your home its best look and increase your chances of getting the best price.