The most important way to sell your home in any market is to Price it competitively. Sticky Prices is a term used in Real Estate that describes a Seller who is stuck on a price that does not reflect what the market is showing.
Pricing a home is a challenging thing. How do you get the most money, keep your home in the parameters to appraise, and be aggressive enough to sell in the shortest amount of time?
Here are 4 steps to consider helping you price your home correctly for the market it is in.
1.Know your Market
What are the Past sales of similar sized homes in your area in the past 3 to 6 months? In order to allow the widest possible Buyer base for your home, you must price your home so it will appraise. Lenders and Appraiser’s look at data from home sales of 3 to 6 months prior, in up to a 5-mile radius to help determine the appraised price of a home.
2.Condition of your Home
You have 5 minutes from the time that a prospective Buyer sees your home until they form their first impression. How is your curb appeal? Did you remodel your kitchen or master bath recently? Is your flooring in good shape? Do you have trees that over hang the roof? Is there deferred maintenance on the home or its systems? Condition counts a lot. If you want to sell your home as it is, then let the price reflect that. At the same time if your home is updated and immaculate let those criteria be reflected in the price as well.
3.Things you can’t change
Some things about your home you can’t change. Is your driveway really steep? Is your lot level? Do you have a one car or no garage? Is the road up to your home unpaved and full of potholes? Be honest and let Buyers know from the start by pricing your home accordingly and disclosing those things that have an impact on the sale.
4.Know your Competition
How many homes are on the market in your neighborhood? If you are in a neighborhood where your competition is tough, make your home the one that people want to buy by offering it at the best priced home in the neighborhood!
A well priced home sells quickly. Price is the most important part of your marketing plan. Price your home correctly to be competitive in any Market.