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.

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

Pricing your home correctly requires looking at what buyers have actually paid for comparable homes recently, not what similar homes are listed for today. In Georgia and throughout Florida, the starting point is a comparative market analysis (CMA) that pulls closed sales within the past 90 days for homes with similar square footage, bedroom and bathroom count, lot size, and condition within a half-mile to one-mile radius when possible. List prices tell you what sellers want; sold prices tell you what the market will support. In Hernando County and Citrus County, your agent will adjust the comparable sale prices for differences between those homes and yours: an extra bathroom adds value, a dated kitchen reduces it, a larger lot in a neighborhood where lot size matters is worth adjusting for. The resulting adjusted value range gives you a supportable price window. List at the top of that range if your home is in above-average condition and the market is moving quickly. List in the middle if conditions are balanced. Price below that range only if you have a specific reason to sell faster than average. Listing above the supported range in any current Florida market reliably produces extended days on market and a final sale price lower than what early accurate pricing would have achieved. Kevin Neely & Kaitlynd Robbins | K2 Sells, Keller Williams Elite Partners

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.

Hi Gill, we sell in this area. It depends on the market you hope to be an active listing in. If it is in the near future, it would be best to list the home at a price that is based on the true value of the home. We call this the sweet spot. Not too high and not too low. Now, if this were in an extreme seller's market, I still would not say to price "high", but if the market were inclining, then it could still get some level of interest

Hi Gill! Great question—and you’re smart to think about this before listing. In today’s market, pricing correctly from the start is really important. Listing too high often causes a home to sit on the market longer, and the longer it sits, the more buyers start to wonder if something is wrong with it. That can sometimes lead to bigger price reductions later. Many sellers are having the most success by pricing right at market value (or slightly below) based on recent comparable sales. That strategy tends to attract more buyers right away, create stronger interest, and in some cases even lead to multiple offers. The best first step is having an agent run a comparative market analysis (CMA) so you can see what similar homes nearby have recently sold for and what your competition looks like. From there, you can price it strategically so it sells in a reasonable timeframe while still getting a fair price.