Determining the Ideal Pricing Strategy for Selling Your Home

Deciding on the best pricing strategy to sell your home, is a delicate balancing act. The aim of course is to set a listing price that generates interest from well-qualified and motivated buyers willing to pay top dollar for your property, ultimately determining its highest market value. The question is what should the list price be?

If you price the property too high, the property could sit on the market without selling and lead buyers to start wondering if the property has issues and invariably will result in the property selling for less than top market value. If you price the property too low, you will likely receive multiple offers however will they be high enough to reach top market value?

The Actual Market Value of Your Home

In an ideal scenario, your home's value would align perfectly with your expectations and needs. Regrettably, your home's value isn't determined by your preferences but rather by what the market is willing to pay for it at a given moment. Nowadays, the "market" predominantly comprises of homebuyers who have diligently researched property values online for months, viewed numerous homes, and face no urgent pressure to make a purchase. To gauge your home's value, you can establish a range by examining recent sale prices and current asking prices of properties similar to yours in your vicinity. That's why we provide a Comparative Market Analysis (CMA), which includes a selection of comparable homes from the local Multiple Listing Service® (MLS®).

The Ultimate Consideration

On average, serious buyers inspect approximately fifteen properties before making an offer. This process provides them with a foundation for assessing how competitively a property is priced in the overall market and based on their specific criteria. Overpricing your property can deter serious buyers, even if they adore it in other respects. Experience reveals that buyers usually hesitate to make what they perceive as realistic offers on overpriced properties, assuming it's a futile endeavor. In addition to realism, the correct sale price is significantly influenced by current market dynamics and your desired time frame for selling.

For more in-depth insights, including the pricing pyramid and information on the repercussions of overpricing, please request our complimentary seller information package below.