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American Real Estate Network
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The Importance of
Competitive Pricing
One of the
most important aspects of marketing your home is setting a realistic and competitive
asking price. In addition to assessing the good and bad points of your home, you must have
an understanding of the local housing market in order to set a competitive price.
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I will discuss with
you the many factors that influence pricing, and together we will determine how to sell
your home quickly, but for the highest price possible. Remember, a realistically and
competitively priced home attracts more qualified buyers and usually results in higher
offers. |
You may find it helpful to review the following points affecting the pricing of your home:
Factors Affecting Your Asking Price:
- Location, square footage, and condition of your home
- Level of demand for homes in your area
- Amount of competition in your price category and area
- Recent sale prices of homes of similar size and in a similar location
- Availability of financing and interest rate levels
- How quickly you need to sell
- Whether you need to sell in order to finance the purchase of another home
Factors that Don't Affect the Asking Price:
- What you originally paid for your home
- The cost of improvements you have made to your home
- What it would cost to build your home today
- How emotionally attached you are to your home
Dangers of Overpricing:
- Qualified buyers won't consider your home, believing it to be financially "out of
reach"
- Your home is on the market a long time, growing "stale," and increasing the
perception that there is something wrong with it
- The highest and best offers usually occur in the first 30 days of listing your home. An
overpriced home misses out in this crucial time period.
- Your home helps similar homes that are priced more competitively to sell faster. It
demonstrates these other homes offer a good value.
- Lowering your price later on gives the impression that your home is "unwanted"
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