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When preparing to sell your home, you will likely encounter many opinions about how you should price your home. Unless you are speaking to a professional in the real estate industry, these opinions are likely based on anecdotal evidence or someone else’s personal experience. Truthfully, there are many pricing strategies available; it’s up to you to choose the one that works best for your home.
Pricing below market value
This strategy was used frequently by lenders when there were a multitude of foreclosures on the market. They would price the home well below market value to drive massive buyer traffic and generate a bidding war, thereby getting the home under contract as quickly as possible. This produced the desired results but was very frustrating to buyers who felt anxious about bidding against other buyers.
Pricing above market value
This strategy is commonly suggested by sellers who would like to “test the market” to see how much they can get for their home. It is certainly appealing to get as much money for your home as possible, but there are more effective ways to achieve this. Pricing above market value typically makes the seller appear unreasonable to potential buyers and reduces the amount of buyer traffic to the home substantially. This results in the home being on the market for longer. Even after the price is reduced to market value, Buyers notice the extended time on the market and often question what is wrong with the house because it hasn’t sold yet. Utilizing this strategy can lead to a home selling for less than it would if it were priced more reasonably.
Pricing at market value
This is the strategy that I recommend most often because it attracts the greatest number of buyers in the least amount of time while reaching the entire buyer pool. Your real estate professional or an appraiser will evaluate the market using the most recent comparable sales and give you an estimated market value. Typically, sellers in Tucson choose to price just slightly above market value to leave negotiating room. As long as the list price is within 10% of estimated market value, it will still attract the right buyers and should not handicap the sale. Most homes are under contract within 30 days utilizing this method.
Range pricing is typically employed when sellers are firm on their pricing but want to leave a little negotiating room for buyers who may be asking for closing cost assistance or some other special terms. The idea is that the seller will accept the low end of the price range, but if the buyer wants seller concessions or special terms, the sales price will need to be higher in the price range to accommodate those requests.
Make sure you consider your location and current market conditions when you evaluate pricing strategies. If you have questions, I can be reached at (520) 481-3695.
Hi. I’m Robin Willis. I started working in real estate in 2005, but had previously worked in the mortgage industry and found that was a great environment to learn about real estate transactions an....
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