My Home Priced to Sell?
of the Council of Residential Specialists
The right price means a successful sale.
Pricing your home is both an art and a science.
Achieving the optimal price is the result both of
objective research into comparable properties and a gut
feeling about your property and the current market. The price should 1) Attract buyers, 2) Allow you to earn the
most money possible, and 3) Help you sell as quickly as
The simple fact is, price is the number
one factor that most homebuyers use to determine which homes
they want to view. And
it is important to remember that, although you set the price,
the buyer determines the value of the home.
Try to avoid allowing your enthusiasm to impact your
better judgment - overpricing is a common mistake that can
cost you in the end.
With that in mind, here are some reliable guides to
use when pricing your home, all of which come recommended by
the Council of Residential Specialists - a select group of
REALTORS® with significant experience and advanced training
in residential sales.
Affecting Your Asking Price:
How quickly you need to sell
The amount of competition in our price category and
The availability, flexibility and affordability of
The sale prices of similar homes sold in your area
during the past six months to one year
should not Affect Your Asking Price:
The original cost of the property - price is determined
by today’s market
Any investments you’ve made in improvements
The cost to build your home today
The opinions of friends and neighbors
Problems That Can Arise from Overpricing
You might help sell similar homes that are priced lower
Your home may stay on the market longer
You could lose market interest and qualified buyers
You might create a negative impression of the property
You could lose money as a result of making extra
mortgage payments while incurring taxes, insurance and
unplanned maintenance costs
You may have to accept less money
A potential buyer may face appraisal and financing
problems as a result of the inflated price.
A Certified Residential Specialist Can Help You Price
With a mix of real world experience and advanced
training, a Certified Residential Specialist has the tools
necessary to compute the fair market value of your home based
on both the marketplace and personal considerations like your
must sell date. Remember
that the right price is the key to a successful sale.
So work with a to price your home accurately the first