Price your House Rightly

Price your House Rightly

The most crucial part of selling a house is pricing it right. The price you set for your property sends a message to potential buyers. Your pricing may raise eyebrows, may make buyers turn, or can make them yearn for it. So, it is the most crucial decision to arrive at the right listing price. Thus, a strategic market price will complement the marketing of your property along with positioning it effectively in the marketplace.

If you price it too low, it might send wrong messages to the potential buyers about your home’s condition and that too might affect your future buying power if your property is sold at an undervalue.

Alternatively, if you price it too high then you might end up deterring potential buyers. This might result in a price drop and also delay in the right positioning of the property in the marketplace and might trigger questions regarding the reduction of price in the mind of potential buyers.

You should identify the approximate value of the property considering the pricing of similar properties sold in the neighborhood, your house condition, and other market considerations.

The next step is to decide the price range for the list price depending on market conditions, competing properties, time of year, or inventory.

Your asking price should also be within 10 percent of the average sold price in your neighborhood. 

To stimulate interest amongst more than one buyer, price your property at the lower end of the value range. Price it strategically to be found in Real Estate searches, e.g. pricing at $500k is better than pricing at $510K.

The goal is to sell the property and thus showcase it to as wide an audience as possible. Keep your asking price absolutely normal, don’t add any quirky figure to it.

It is best advised to listen carefully to your agent’s pricing strategy. It’s their job to know what works and what doesn’t. Pricing a home isn’t really a “set-and-forget” thing. You might encounter a lot of factors which wasn’t anticipated earlier. Keep an open mind for an ongoing discussion with your agent.

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