How Can You Price Your Home Correctly?

In a previous video, we talked about the three keys to selling your home: price, condition, and marketing. Those are the three things we can control, so those are the three things we want to focus on.

When it comes to pricing your home correctly, you should look at not just the sold homes, which is where the market has been, but also the pending and available homes. Pending homes give us an idea of what’s on the market that’s recently sold and what’s still in escrow. Available homes give us an idea of what’s not sold and what’s been sitting on the market.

If you look at all three of these factors, it will give you a good idea of where to price your home. To help you do this, you should pick an agent who studies home prices every day and understands not only what has been happening in the market, but what is happening in the market.

A lot of clients say to me, “Leslie, I know this is where the pricing is, but can we list a little high and leave room for negotiations?” Many times, doing this only narrows down the number of buyers who will see your home. If you price your home too high, you’ll limit the number of buyers who will even pull it up online. If you price it right, you’ll get the most amount of activity right when it hits the market and you’re more likely to sell at or above asking price.

The good news is that in our current market, any homes listed at $350,000 and under are prone to getting multiple offers. We’re seeing pending properties in this range that are selling, so this is an area where you can risk pricing a little higher. In some of the higher price points, you’ll want to examine some of the properties sitting on the market and take that into consideration before setting a price.

If you have any questions about pricing your home or you’re considering buying or selling, please don’t hesitate to reach out to us. We’d be happy to help.