How should I price my house for sale?

Hi Gill It is never a good idea to overprice a property unless your desire is for the property to sit rather than sell,The listing price should be determined by the recent sales in the area as well as the current real estate market. Perhaps listing it slightly below market value may work in your favor, this could draw interest and perhaps lead to multiple offers, bu this is not guaranteed. The best idea is to consider recent sales and whether your property is better than, worse than, or equal to recent sales of properties most similar to your property. Based upon the comparison you can determine whether your property will sell less, more, or an equal amount.

Competitively with the recent sales comps in your area. A local agent should be able to guide you on this. I am in the area and Commerce is growing so it should garner a lot of attention.

When pricing your home for sale, the most important factor is to understand what similar homes in your area have sold for in recent months. Knowing this information will help you determine both a competitive listing price as well as a realistic expectation of what you may be able to get for your house. You also want to consider factors such as condition, location and amenities when pricing your home. Additionally, it is important to work with a knowledgeable and experienced real estate agent who can provide insight into current market conditions and advise on an appropriate list price. With their expertise, they can help you set a competitive listing price that will attract buyers while helping you get the best possible return on your investment.

Hello Gill, I agree with Aaron. Never overprice a home and especially in this current market. Hire a great Realtor who will advise you of the correct price range based on the most current market data. Data from three months ago is not where we are today. Only a great Broker or Agent will know the best strategy for you. Best of luck!

Hi Gill, Great question. You should use a Comparative Market Analysis (CMA) from a Realtor to help you price your home. The CMA will include comparable properties that are listed, sold and/or under contract. The sold listing will tell you what similar homes have sold for in your area. You should price your home within the range of the sold homes, factoring in the features, benefits and condition of your home, relative to the sold homes. The Realtor who provided the CMA can provide guidance in analyzing the CMA. Also, if you like the Realtor and trust that they can help you sell it, you should list you home with them. I hope this helps!

Hi Gill, pricing strategy is very much an art as much as it is a science. Find out what the average market time (days on market) is for home like yours in your area. if you price your home at what would be considered market value for the area given the size, location, bed/bath count and condition (upgrades, differed maintenance, original but clean, etc), then you should expect to sit on the market for whatever that average days on market it. Most realtors should make line item adjustment to the comparable sales and listings to determine the most probable market value of your home. From there you should find out, on average, are home selling for above or less than list price and factor that into your pricing strategy. You can still create a hot seller market for your home using the right pricing/marketing strategy if a faster than average days on market sale is what you are looking for, it will just have to be compelling enough for the buyers in the market to realize and react quickly. if you are ok with sitting on the market for what would be the average days on market for your area, then market value pricing might be ok for you. Definitely contact a local realtor that is active in the current market as changes have occurred and you will want someone that knows what adjustments to make to properly position you in the current market conditions.

Hi Gil, It is always a good idea to price just below market value, this is where the buyer pool is and it will create interest from buyers. More buyers will generate an offer at or above list price. Also keep in mind, that buyers are not jumping in as quickly. They are tired of the multiple offer scenario and are waiting a little bit longer before jumping in, however I am seeing most homes in our market selling within 30 days. Keep in mind you should carefully look at local recent sales. Every market is different and seeing what similar homes are selling for in your area will be key in the correct pricing. I recommend getting 3 quotes from 3 local realtors, they will be looking at the market and provide you with recent sales to support the price they recommend.

Hi Gill, I would pay attention to comparable homes in your market that have recently sold and those that are on the market for sale. I then would just list slightly below those on the market. my best, Sherree-lee