Selling Your Home – Pricing Strategies

The key is to choose a price that will position your home in the top 10% of the competition to ensure selling within the average days on market. The national market data indicates that we hit the bottom of the market during 2011. In the most recent years, some areas of the Richmond market have enjoyed modest appreciation and the global economists predict that the gradual incline will continue for the next few years. The unknown factor is exactly when will the rates rise again and what short-term impact will that have on current prices. Naturally, you will want to price your home right to attract offers now and avoid chasing the market tomorrow.

Pulling sales data for comparable properties will give us an estimated range of where your property should be priced in order to attract showings and/or offers. It is not an exact science, and it is very difficult to determine an exact price. Be prepared for price adjustments to find the right price within that range.

When buyers are looking at your home and buying homes elsewhere, you are essentially helping those other homes sell. When you find yourself in that category, you ultimately must ask yourself, “Do I want to continue helping others, or would I like to be one of the homes in the sold category?”

Neither you nor I control the market, and the market will determine the price of your home. If no showings occur within the first 14 days on market, then the market has spoken and is telling us that the price is too high for the current market. No showings usually calls for an immediate adjustment. If we receive 8-10 showings with no offers, then the price and/or condition needs to be addressed. We will discuss feedback from the showings and analyze current market data in order to shift strategy as needed.

The market will tell you when you need to adjust your price.

Don’t fear being priced at your “bottom line”. We would rather see you hold firm to a price and turn down 3 offers, then never get an offer at all.