Alexis Nickley gave us some great advice on establishing an accurate price to list your home. When working with TNG, your listing agent will provide you with a range for pricing your home.
These three questions will help determine what price you should list your home at – consider these questions before deciding on one!
What is your motivation?
Every seller has a different level of motivation. For example, if the seller is already under contract on another home – they may want to price it lower. This type of seller is in a time crunch. Plus, having a less aggressive price can get more buyers to the listing, leading to multiple offers and better terms. On the other side, if you have more flexibility with your timeline, you may want to price it higher. If you have the time to wait and want top dollar for your home, then it makes sense to test that market to see what price you can get.
How does your home compare?
A TNG Realtor will pull comparables of homes similar to your home and in the same area. This is not based on square footage alone. They will look at how your home compares to other recently sold homes in the neighborhood. Comparables include condition, location, upgrades, and if there’s a pool. It is best to price your home close to the same price as your comparable homes.
What is the competition?
After looking at comparables, your TNG Realtor will show you what your active competition looks like. When a buyer is looking at your home, what other homes will they be comparing it to that is also on the market? You may be selling a home that was once new construction where all the homes look the same. If this is the case, it could be beneficial for you to price a little lower than the competition. Doing this can bring more potential buyers to your home. Chances are, if someone is viewing another home in your neighborhood then they will also look at yours. If your home is in better condition and less expensive, they will most likely put an offer on your home. If multiple people do this then you will get multiple offers and most likely sell for more than your competition.
Why is pricing your listing so important?
This market is competitive, and when priced incorrectly, houses can spend a long time on the market. Potential buyers will be wondering what is wrong with it. A trusted and experienced Realtor will be able to advise you in pricing your home to help you get an offer you are happy with at the closing table.
Thinking of listing your home but need to find your dream home first? Check out Alexis’s previous post on our New Program for Home Sellers. If you have more questions on pricing your listing, give us a call at (407) 906-2456 or email us at info@thenickleygroup.com.