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How to Price Your Home

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

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 or Robin.Willis@eXprealty.com

 

See our information for sellers if you’re thinking of selling.

Robin Willis

Associate Broker, SRES, CDPE with eXp Realty

(520) 481-3695
Robin.Wilis@eXpRealty.com

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Smooth Short Sale w/ Robin

Robin was very knowledgeable about short sale process and made me feel at ease while handling a difficult and lengthy negotiation with bank. – Jack E Rice

Intelligent Realtor

I am not sure if I could say enough great things about Robin [Willis] and her team. Robin always appears to have the best interests of her clients in mind and she goes out of her way to ensure she covers everything. I have worked in the escrow and title insurance industry for over 15… Read more “Intelligent Realtor”

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Robin took on the journey of helping us find our perfect home. She really is an expert at what she does. This is the second time she has represented me and it won’t be the last! – Satisfied Client

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When I was going through a challenging period of my life which simultaneously included a divorce and short sale of our home I turned to Robin [Willis]. Even though I was a licensed real estate agent in Arizona at the time, handling my own transaction under these circumstances was off the table. Robin’s patience, consideration,… Read more “Complete Relief while Selling in a Divorce”

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Robin [Willis] was our Realtor in a short sale transaction. Robin assisted my wife and I in navigating a complex and intricate short sale process. Robin was able to maintain a buyer on contract for over a year, which says something to her ability to follow through on tasks. In addition, this also demonstrated Robin’s… Read more “Highly Responsive & Recommended”

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Robin is exceptionally responsive, detail-oriented, market savvy and professionally capable. I would recommend her to any friend, acquaintance or colleague. She knows her business in and out, makes no promises she can’t keep and does everything in her power to satisfy the expectations of all parties. – S.L.

Best in the Area!

I recently used Robin [Willis] to represent me in the sale and purchase of some homes when we downsized. I have bought and sold several homes over my years here in Tucson and Robin is by far the best realtor I have found. She was extremely knowledgeable on all aspects of the process, and was… Read more “Best in the Area!”

She Won’t Disappoint You!

Robin came highly recommended to us by our neighbors. We were very pleased with Robin’s professionalism and her knowledge of the market. I would recommend Robin to anyone who is in the market to sell their home or to buy. She won’t disappoint you! – VPBaker

Highly Knowledgeable Agent

I have worked with Robin twice (years ago for a short sale and just recently for a home purchase). I have recommended her to friends who have also had a great experience. Her knowledge of the area is fantastic and she also understands all of the steps in the purchasing and selling process so there… Read more “Highly Knowledgeable Agent”

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Robin is exceptionally responsive, detail-oriented, market savvy and professionally capable. I would recommend her to any friend, acquaintance or colleague. She knows her business in and out, makes no promises she can’t keep and does everything in her power to satisfy the expectations of all parties. – Happy Client

Exceeded my Expectations

I was extremely satisfied with the services performed by Robin. The transaction was complex, and the outcome exceeded my expectations. – Donald Vander Stoep

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Robin [Willis] has helped our family with three homes. Robin was great and very helpful. Robin makes everything easy and convenience with a home purchase. If you need an honest realtor that will find you your right home, call her. – Jose Vidales

Will Use Her Again

Like many homeowners nowadays we were struggling to make our payments and the banks were not in any hurry to help. I first contacted Robin with some general questions with regards to short sale vs. foreclosure and was sold on her immediately. She is extremely knowledgeable and explains stuff well. She advised us the of… Read more “Will Use Her Again”

Very Professional & Extremely Knowledgeable

Robin [Willis] was our realtor when we had to short sale our home. She was very professional, extremely knowledgeable about the short sale process, and tirelessly negotiated the terms of our sale between the buyer and our bank. She made sure we knew what to expect going into the short sale, kept us informed throughout… Read more “Very Professional & Extremely Knowledgeable”

A Consummate Professional

Robin sold this home to us and for us. SHE is a consummate professional. When she sold it to us, she spent 3 weeks covering nearly all of southern Arizona and hearing our needs. When we needed to sell, she was quick to help and stayed on top of details for us. Throughout these processes,… Read more “A Consummate Professional”

Highly Recommend

Robin sold my home. I chose her over other agents interviewed because of her strong negotiation skills and taking care of protecting my interests during the process. Highly recommend. – Satisfied Seller

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Robin did a great job in selling my home in a fast manner. What I enjoyed most about working with Robin is she either answered my call immediately or called me back within 5-minutes. Thanks so much, Robin! – Tarah Howard

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I’ve been buying & selling real estate for 40 years – Robin is the best realtor I’ve ever worked with. She is knowledgeable, thorough, creative and follows thru. And, of course, her listings sell! – JZM

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