SELLING YOUR HOME: PRICE IT COMPETITIVELY

Pricing your home competitively may seem counterintuitive when trying to receive the best offer on your home — most sellers think that they should price their home over market value to leave room for negotiation. However, when they do this, it makes the demand less for this home (meaning little to no negotiations.) See the chart below for more details.

A house that’s priced lower could generate higher interest and demand. This means there will be more people interested, and thus more room for negotiations. Buyers will bid against each other, which will result in the potential sales price going up.

Advice from Realtor.com: “Aim to price your property at or just slightly below the going rate. Today’s buyers are highly informed, so if they sense they’re getting a deal, they’re likely to bid up a property that’s slightly underpriced, especially in areas with low inventory.”

While we’ll work together to set your home’s asking price, the buyer will set the sales price. If you price your home too high, you’ll miss out on potential buyers. Pricing your property at fair market value, from the start, will generate the most activity from real estate agents and home buyers. The price must attract enough attention to result in showings and offers.