Sedruola "Sedie" Maruska, REALTOR®, ASP
 Exit First Choice Professional, Inc.
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Phone:    978-273-5691
Office:     508-877-6500
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Pricing Your Home to Sell

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One of the biggest mistakes homeowners make when putting their homes on the market is to price too high. Although there are several reasons this can be the case, some of the most common are:

  • Sentimental Value

  • Pricing according to what was paid

  • Basing the value on wrong information

  • Greed

Whatever the reason Pricing a home too high will cost you a lot more money in the long run.

Your asking price is the most critical factor when getting top dollar is of the utmost importance. Therefore, pricing according to reality, rather than wishful thinking, is key. Finding yourself a professional realtor who can give you an honest assessment of the real estate market and your home can save you lots of time and money in the long run. Your professional realtor should base their assessment on factors which include:

  • Market conditions

  • Condition of your home

  • Repairs or Improvements

  • Timeframe

Market value is the price at which a house will sell, in its current condition within 60 - 120 days.

If the price of your home is too high, several things can happen:

  • You limit your buyers, those who would be perfect for your home may not look at it because you've priced out of their buying range

  • You limit your showings, salespeople don't want to waste their time looking at your home

  • Your home may be used as leverage to sell Other homes that are better priced

  • Your home may stay on the market too long which leads buyers to think there's something wrong with the house

  • After being on the market too long at an inflated price, you may end up selling your home at a much more reduced price than if you'd priced it properly in the beginning

Note: When selecting your agent, don't go with the agent that promises you the most money for your home, go with an agent that offers the best Marketing Plan and has good communication skills. Why? Because the agent has no control over the market or market conditions, but they do have control over the marketing plan!

Six strategies you should consider when pricing your home for the market:

  • Abandon your point of view - Only consider what a ready buyer will be willing to pay for your home. Put aside all sentimental attachment to the property.

  • Get a few CMA's (Comparative Market Analysis) - Invite a few agents to your home to find out their opinion on the likely selling price. Ask them to provide you with a CMA and talk to them about the homes which were included in the report.

  • Calculate your price per square foot - This is a good starting point in determining your final price.

  • Consider the market conditions - How are home prices in your area trending? Are home selling quickly? What time of year will your home be on the market? What are the current interest rates? How is the economy doing? All these questions and more should help you come to the right conclusion on where to price your home.

  • Do some personal market research - Go to a few open houses in your area and ask yourself "would I buy this home or mine?" based on what you see.

  • Offer incentives that may meet your buyer's needs - Some buyers are interested in moving right away or seller financing, if you can offer these or other incentives you may be able to price a bit higher and attract those sellers.

Note: The good homes that sell for TOP dollar in ANY market are the ones which are properly prepared and priced right!

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