Did You Price Your Home Appropriately?

by Marsha Charles 07/07/2019

If you add your house to the real estate market but fail to garner buyers' attention, now may be a good time to revamp your home pricing strategy. Otherwise, your home may remain on the housing market for many weeks or months before it finally sells.

Generally, there are several factors you need to consider to determine if you have priced your residence appropriately. These factors include:

1. The Current State of the Housing Market

The demand for houses in your city or town may have far-flung effects on your property selling experience. For example, if there is significant demand for houses in your area, the real estate sector favors sellers. Or, if there is minimal demand for homes in your city or town, the real estate market favors buyers. And if you do not price your house appropriately in a seller's or buyer's market, you may struggle to stir up interest in your home.

It often helps to price your house based on the current state of the real estate market. By doing so, you can establish an initial asking price for your home that falls in line with buyers' expectations.

To assess the current state of the housing market, evaluate the prices of recently sold residences in your city or town. You should find out how long these houses were available before they sold, too. Once you have this housing market data in hand, you can determine whether a seller's or buyer's market is in place and price your house accordingly.

2. Your Home's Age and Condition

The price you originally paid for your home is unlikely to match your house's current value. Fortunately, if you evaluate your residence's age and condition, you may be better equipped than ever before to set a competitive initial asking price for your home.

Sometimes, it helps to conduct a home appraisal before you list a residence. An appraisal enables you to receive a property valuation that accounts for your house's age and condition, along with various real estate market factors. Then, you can use this valuation to determine the optimal initial asking price for your house.

3. Your Home Selling Timeline

If you are in a hurry to sell your home, you should establish an initial asking price that will grab buyers' attention. On the other hand, if you can afford to be patient during the home selling journey, you should not settle for a subpar offer to purchase your house.

When it comes to establishing a home selling timeline and determining how to price your residence, hiring a real estate agent may be beneficial. A real estate agent understands what it takes to sell a home, regardless of the current housing market's conditions. As such, he or she will work with you to ensure you can price your home competitively.

For those who want to streamline the home selling journey, it typically helps to start with a competitive initial asking price for your house. If you consider the aforementioned factors, you can boost the likelihood of pricing your home appropriately from day one of the house selling journey.

About the Author
Author

Marsha Charles

Consistent top listing and selling agent receiving Chairman's Club award for superior sales achievement almost evey year while associated with Preferred Properties, Inc. Consistently receive the International Presidents Premier award for sales volume since joining Coldwell Banker Residential Brokerage and ranked in the top 1% of agents in Connecticut and Westchester County. Received recognition as a Top Five Sales Recepient for customer satisfaction since 2010 and listed in Westchester and Connecticut Magazine. Member Top Agents in Connecticut listed by Real Trends. Works with Sellers and Buyers with a strong understanding and attention to needs of those who are relocating . Background and experience in advertising, public relations and photography offer creative and innovative marketing plans for sellers. Realtor designations include: Graduate Real Estate Institute, Certified Residential Specialist, Certified Residential Marketing Specialist. Served as President of New Canaan Board of Realtors,Currently serve as director of the New Canaan Board of Realtors and chairman member of the Professional Standards committee. Named Realtor of the year by the New Canaan Board of Realtors. Married and the Mother of four children who attended and graduated from the New Canaan School System .Member of New Canaan, Darien, Greenwich and Statewide MLS systems. Areas covered include New Canaan, Darien, Greenwich, Rowayton,Norwalk, Wilton and all of lower Fairfield County.