There are several ways to approach pricing your listing, but the methods outlined in today’s message are among the most effective.
Pricing a listing correctly can be tricky. Thankfully, there are a few tips and tricks you can use to make sure you get it right.
Many people insist that reviewing the sales data from properties similar to yours that have recently sold in your area is the best way to develop a pricing strategy. However, while this is a good place to start, it’s important to realize that the market may very well have changed since the time those homes have sold. Even a few months can make a big difference.
Instead, focus your energy into researching active comparable listings (otherwise known as “comps).” If you find a comp that’s a few hundred square feet larger than your property, yet is priced a few thousand dollars below what you’ve listed yours at, this is a red flag. These active comps are your competition in the market. In order to sell quickly and for top dollar, you need to price your listing with these other properties in mind.
And for an even clearer picture of what pricing strategies are effective for homes like yours, why not look into the pending listings in your areas? Your agent should be more than happy to talk to the agents representing these properties about the level of interest they drew before going under contract.
If you have any other questions, would like more information, or are curious about how my team and I can help you price your home competitively in today’s market, feel free to give us a call or send us an email. We look forward to hearing from you soon.