| Pricing Strategies to Help You Sell Your Home

Pricing strategies are a major part of selling your home. To market your house competitively, you need to set a price based on the facts using tangible factors.

Pricing is a balancing act
Your asking price is pivotal in determining how long your home will be on the market.  You obviously want to achieve the best possible price.

Pricing your home too high may reduce the number of interested buyers. This may cause your home to sit on the market too long, which may in turn create the perception that there’s something wrong with it.

Pricing your home too low definitely wont achieve a great price and also may create some skepticism and raise unwanted questions about what maybe wrong with it.

Research the Comp’s
“Comparable Sales” known as Comps.  Research Properties in your neighbourhood that are comparable to your property, & have recently sold. Your agent may provide you with a C.M.A.  This is a comparative market analysis report to assist in valuing your home. 

It is important to compare with actual sold properties.  Not with list prices.  Properties are only worth what people will pay for them. Comps must also be comparable to yours in position / age / condition / size / land / rooms etc.

Don’t ignore Supply and Demand
Research your local housing market and recent fluctuations.  Have prices been going up or down recently?  In a seller’s market, properties will likely be somewhat overpriced, and in a buyer’s market, properties are often underpriced.

Where is the market currently. Your realestate agent is the best person to advise you on this. Even in a seller’s market, properties may not be overpriced if the market is on the upswing and not near its peak.

This brings you to the next question if you should sell now or wait. Both your personal circumstances and where the housing market is within the cycle will dictate this decision.

Seasonal housing market shifts
Different markets perform differently depending on the season – Make sure you look at which months are best for maximising the sale price for your home.

Online Pricing Strategy
It is important to adjust your price to account for online pricing benchmarks

Once you have your home’s approximate value, you can then make small price adjustments that may boost a Portal listing’s visibility.

Why? People regularly set pricing filters when searching on online property portals. So they only get to view homes that fall into that specific range.

For example – You list your home as $652,000. Buyers who set their maximum price at $650,000 will never see your listing in their filtered search results.

It is important that you trust your real estate agent to estimate the sweet spot listing price.  Experience, a proven track record and access to the right information will give them the knowledge to set the right price.

The goal is for the price to be compelling. not too low and not too high. It’s got to be just right to entice multiple offers.