How to Strategically Price Your Home

As a seller, there are various factors to consider when you strategize how you can most successfully list your home. From eye-catching marketing to value-increasing repairs and renovations, you want to be intentional about readying your home to hit the market.

One major factor in achieving a successful sale is deciding on the sales price—which isn’t as simple as you may assume. We were inspired by this Keeping Current Matters article to give some helpful pointers.

Although it is tempting to price your house as high as possible in the hopes that a buyer will agree to purchase it for the overpriced figure, don’t fall into this trap. It is a seller’s market in this region, but that doesn’t mean you shouldn’t be thoughtful about your approach. Today’s homebuyers are taking their time during their home-buying search, and with high mortgage rates still affecting budgets, they’re not going to make hasty offers as they might have in the past.

The best place to start when figuring out a strategic price is to enlist an agent who understands the local market. They’ll be able to perform a CMA or comparative market analysis which compares your listing to similar listings in the area that have recently sold.

Lastly, be prepared to adjust your price even after it hits the market. Although this is not ideal, a price improvement could draw in buyers, whereas a home becomes increasingly more difficult to sell the longer it sits on the market. If you realistically price your home from the beginning, you should be able to avoid adjusting the price down the line, but always be open to the possibility.

Don’t feel overwhelmed by the prospect of having to decide on a listing price all on your own as an experienced agent will have the knowledge to expertly advise you. Reach out to us today to begin your selling journey.