Price your house right!

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We found a fantastic article that puts together everything we believe in when it comes to pricing your home.  The article originally appeared here.

The single most important factor to consider when selling a house is the home price tag: how much your house is worth. You don’t want to overprice the house because you will lose the freshness of the home’s appeal after the first two-to-three weeks of showings. After 21 days, demand and interest wane. On the other hand, don’t worry about pricing it too low because homes priced below market value often will receive multiple offers, which will then drive up the price to market. Pricing is all about supply and demand. It’s part art and part science, and no two agents price property the same way.

Withdrawn & Expired Listings

  • Which brokerage had the listing: a company that ordinarily sells everything it lists, or was it a discount brokerage that might not have spent money on marketing the home?

 

Pending Sales

  • Since these are pending sales, the sales prices are unknown until the transactions close, but that doesn’t stop anybody from calling the listing agents and asking him to tell you. Some will; some won’t.

Active Listings

  • These matter only as they compare to your listing, but bear in mind that sellers can ask whatever they want.
  • To see what buyers will see, tour these homes. Make note of what you like and dislike and the general feeling you get upon entering these homes. If possible, recreate those feelings of reception in your own home.
  • These homes are your competition. Ask yourself why a buyer would prefer your home over any of these, and adjust your price accordingly.