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Thoughts on Pricing Your Home

Thoughts on Pricing and House Values

pricing-thoughtsYour house might be clean and the exterior painted, but none of that will matter if you list your home for sale at the wrong price.  If you’re planning on putting your home on the market, determining your asking price is one of the most important decisions you will make.  Don’t be fooled into thinking you can start off with a high asking price, and then just cut the price later if you need to.  If you want your house to sell quickly, overpricing is not a good strategy.  When you price your home too high, potential buyers will likely ignore the listing.  Then, when you eventually drop your price, buyers will see just how long the house has been on the market and they’ll assume you’re a desperate seller, which you may be at this point.  It also sends the signal that there is room for even more negotiation.  However, if you price too low, well, no one wants to leave money on the table.  So how do you go about determining a fair price?  This is where we come in. Ask the Salisbury Team to prepare a Comparative Market Analysis for you and rather than just listening passively to what we recommend, engage in a real conversation about what buyers are looking for in this market and how your home stacks up.  Are there improvements you can make so buyers would be willing to pay a higher price?  Discuss your timeline to sell and if you should price differently based on that timeline.  Once you think you’ve come up with a good price, put yourself in the buyer’s shoes and see what else you could get for the asking price of your home.  Often sellers are too emotionally attached to their homes to objectively place a value on the property. Once you start looking around to see what else is selling for that price, you might have a better idea of how appealing your house is in the current market.

Statements Frequently Heard From Sellers About Pricing and House Values: 

“Another agent said it was worth more.”
“People always offer less than the asking price.”
“The buyers can always make an offer.”
“My neighbour was able to get this price.”
“We paid more than that for our home.”

Another Factor That Does Not Affect Value
Your original purchase price. Chances are you paid the market value. Markets change and today we have to deal with the current market conditions which may have changed significantly.

Over Improvement
Improvements should be made for your personal enjoyment, not resale. You cannot add an item to a home, select it to your style, use it, and then expect a buyer to pay the original cost.

The Owner’s Need for Money
The owner’s need for money or the fact that the owner is moving to a more expensive area where he will have to pay more for a home has nothing to with the home’s current market value.

The Cost To Rebuild It Today

The Seller’s Personal Attachment to the Property