When it comes to selling your home, determining the right list price can be challenging, and setting a list price for your home is critical; You have created an emotional attachment over time and you have a financial interest.
Buyers want value
Buyers think of value and price, so don’t think they have compassion. Your home’s list price is very critical, if it’s priced too high, you may not get many visitors and you will most certainly not receive any offers, if you do, they may not be favorable to you! So I will say it again, setting a list price for your home is very critical.
Overpriced homes sit on the market longer
The right price has been proven to attract multiple buyers. If you home is priced too high, frustration sets in and when that happens, sellers tend to want to blame their real estate agent. Guess who should set the list price based on recommendations from their agent? You as the seller should set the list price, so be careful not to let ambition get in the way. So I will say it again, setting a list price for your home is very critical.
Don’t let your home go stale
In my opinion, the first two weeks a home is on the market are most critical, after that, it starts to become a stale listing and showings decrease. When this happens, sellers tend to want to start lowering the price and this is what I call, “chasing the market”, but you may have already missed the boat. Why? Because when buyers see a home sit on the market with price reduction after price reduction, buyers tend to offer even lower than the current list price and if you must move, you may lose money. So I will say it again, setting a list price for your home is very critical.
In my opinion, the first two weeks a home is on the market are most critical, after that, it starts to become a stale listing and showings decrease. When this happens, sellers tend to want to start lowering the price and this is what I call, “chasing the market”, but you may have already missed the boat. Why? Because when buyers see a home sit on the market with price reduction after price reduction, buyers tend to offer even lower than the current list price and if you must move, you may lose money. So I will say it again, setting a list price for your home is very critical.
Listen to your agent
Your agent should possess the right mix of industry expertise and knowledge of your local market, if you have no confidence in them, choose a different agent!
Remember, you should take all the data your agent provides, take some time to think and analyze and then you, the seller, set the list price!
Comps are critical
The most valuable info you should be presented is comparable properties have sold within the last six month preferably in your neighborhood. If no comps are available, it is okay to expand outside your neighborhood, but stay with similar properties.
Other factors that you must consider are recent upgrades, location (does it have a lake view or does to back up to a cement plant?). Buyers will not offer more just because you replaced the roof, carpet or garage door.
You and Zestimates
Good luck if you want to reply on Zestimates to price your home; does Zillow actually know area neighborhoods, do they actually have access to MLS sales data? Has Zillow even been inside your home to tour it? The answer is NO!
For more pricing tips, please contact me anytime, seven days a week!
About Michael Brownstead
Brought to you by: Michael L, Brownstead, Broker-Owner, Brownstead Real Estate, LLC., 8700 Stonebrook Pkwy, Box 551, Frisco, TX 75034
Michael Brownstead is a 24-year Army Retired Veteran who has been selling real estate in Frisco, TX and surrounding communities since 2010. One of Michael Brownstead’s many specialties is assisting Veterans with their real estate needs.