So you have decided to sell your home. As a responsible home seller, you have interviewed real estate agents, begun de-cluttering your home, and perhaps worked on the curb appeal of your property. Chances are that you have received various suggested listing prices from the real estate agents that you have interviewed.
Why is pricing your property correctly so important? For starters, pricing it too low could potentially not maximize your selling price in certain situations. Pricing too high and you will run the risk of turning off prospective buyers from even scheduling a showing. Moving forward, a listing price that is too high will likely result in a stale listing. Many potential buyers view properties that are priced too high as having unrealistic sellers that are not willing to negotiate. Another byproduct of overpricing your property is additional days on the market. Any property that lingers on the market for many days will ultimately become a stale listing. At this point, many prospective buyers will begin to assume that the property may even have some defects or issues that are preventing a sale.
Fast forward and now you have hired a real estate agent to list your home for sale. While it is expected that professional photos will be taken as part of the marketing plan, the single most important aspect of the process comes next. Pricing your home is the most critical thing that you will do.
How to price your home
Oftentimes, many home sellers want to price their home based on what they paid for the home, what they owe on their home, or even what profit margin they desire to make on their home. In the event that you are interviewing multiple real estate agents to list your home for sale, it is imperative that you don’t simply hire the agent that gives you the highest proposed list price.
The best listing agent will come prepared with a thorough comparative market analysis to give you a realistic listing price range. Precision analytics of recent closed sales and the current inventory of homes for sale will greatly assist with pricing the property. In addition, the seller’s particular goals should also be considered. For example, some sellers need to sell extremely quickly perhaps due to a job relocation, etc… In addition to the initial pricing, it is also critical that there is a plan in place should time go by with limited activity or offers. Having these discussions between the seller and listing agent up front will provide a better framework for preparation in the process. In the end, an experienced real estate agent that is familiar with the area should be a tremendous resource to ensure a quick sale while maximizing the sales price. As always, sellers should remove their emotions from this process and allow the data and current market dynamics to guide their decision making.
Looking to sell your home in South Florida?
If you are considering selling your home in South Florida, now is a great time to do so. With interest rates and inventory of homes for sale at historic lows, a properly priced home will sell extremely quickly. Oftentimes, these homes are selling at above asking price. Whether you are in Palm Beach, Broward, or Dade counties, Live South Florida Realty, Inc. has professional and experienced real estate agents ready to assist you! Contact us today for a free market evaluation.