HOW PRICING YOUR HOME RIGHT MAKES A BIG DIFFERENCE

Dated: February 10 2020

Views: 171

,

How Pricing Your Home Right Makes a Big Difference 

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, make sure you have a real estate professional on your side to help you properly price your home and maximize demand from the start.

Article Courtesy of "Keeping Current Matters"

Blog author image

Lisa Wiersma

As a Michigan native, I have a deep love for our beautiful state, wonderful people and their neighborhoods. I approach both life and work with sincerity, honesty, and compassion. To me, there is noth....

Latest Blog Posts

Two Important Impacts of Home Equity

*Article courtesy of, "Keeping Current Matter"Equity continues to rise, helping American homeowners secure a much more stable financial future. According to the most recent data from CoreLogic,

Read More

Housing Market Positioned to Bring Back the Economy

All eyes are on the American economy. As it goes, so does the world economy. With states beginning to reopen, the question becomes: which sectors of the economy will drive its recovery? 

Read More

5 Home Renovations That Appeal to Millennial Buyers

More millennials are pursuing homeownership now than ever before, according to the 2019 Home Buyers and Sellers Generational Trends Report by the National Association of REALTORS®. They continue

Read More