Competitive Pricing
The most important factor in today's market is price. Determining the list price is a exercise that requires the ability to find the perfect balance between attracting solid offers and ultimately receiving top dollar. Sellers should be careful not to overprice their home, or not to sell for less than what the home is worth. Homes that are priced correctly are selling quickly, and multiple offers are making a comeback.
The best resource in setting the list price is an experienced area REALTOR®. A REALTOR® will run a competitive market analysis of your home and give you a fair market value range that supports the housing market in your area. The determined list price will be based on various factors such as:
- Location, square footage, and condition of your home
- Current market conditions determining the level of demand for homes in your area, the amount of competition in your area, and recent sales price of similar homes in your area
- How quickly you need to sell
Factors which do not affect the list price and should not be taken into consideration are:
- The price you originally paid for your home
- The cost of upgrades and improvements you have made to your home
- The cost to build your home today
- Emotional attachment
Sellers should keep in mind that although a home is listed at fair market value, it will be the negotiations and the price an educated buyer is willing to pay that determines the final sales price.