How Pricing Your Home Right Makes A Big Difference

Dated: 02/10/2020

Views: 67

How Pricing Your Home Right Makes a Big Difference

How Pricing Your Home Right Makes a Big Difference | MyKCM

Even though there’s a big buyer demand for homes in today’s low inventory market, it doesn’t mean you should price your home as high as the sky when you’re ready to sell. Here’s why making sure you price it right is key to driving the best price for the sale.

If you’ve ever watched the show “The Price Is Right,” you know the only way to win the game is to be the one to correctly guess the price of the item up for bid without going over. That means your guess must be just slightly under the retail price.

When it comes to pricing your home, setting it at or slightly below market value will increase the visibility of your listing and drive more buyers your way. This strategy actually increases the number of buyers who will see your home in their search process. Why? When potential buyers look at your listing and see a great price for a fantastic home, they’re probably going to want to take a closer look. This means more buyers are going to be excited about your house and more apt to make an offer.

When this happens, you’re more likely to set up a scenario with multiple offers, potential bidding wars, and the ability to drive a higher final sale price. At the end of the day, even when inventory is tight, pricing it right – or pricing it to sell immediately – makes a big difference.

Here’s the other thing: homeowners who make the mistake of overpricing their homes will eventually have to lower the prices anyway after they sit on the market for an extended period of time. This leaves buyers wondering if the price drops were caused by something wrong with these homes when in reality, nothing was wrong, the initial prices were just too high.

Bottom Line

If you’re thinking about selling your home this year, let’s get together so you have a professional on your side to help you properly price your home and maximize demand from the start.

Blog author image

Jennifer Dorn

Jennifer Dorn is an Associate Broker with Berkshire Hathaway HomeServices Select Realty (BHHS Select Realty) and served as the Managing Broker for both Realty World Select (RWS) and BHHS Select Realty....

Latest Blog Posts

Interest Rates Over Time INFOGRAPHIC

Interest Rates Over Time [INFOGRAPHIC]Some Highlights: With interest rates hovering at near historic lows, now is a great time to look back at where they’ve been, and how much they’ve changed

Read More

The 1 Misconception In The Homebuying Process

The #1 Misconception in the Homebuying ProcessAfter over a year of moderating home prices, it appears home value appreciation is about to reaccelerate. Skylar Olsen, Director of Economic

Read More

The Many Benefits Of Aging In A Community

The Many Benefits of Aging in a CommunityThere’s comfort in being around people who share common interests, goals, and challenges. That comfort in a community doesn’t wane with age – it

Read More

How Trusted Professionals Make Homebuying Easier To Understand

How Trusted Professionals Make Homebuying Easier to UnderstandIn the spring, many excited buyers get ready to enter the housing market. Others continue dreaming about the homes they’d like to buy.

Read More