In a Sellers Market is it a good idea to price your home for more than you would expect because there are fewer homes on the market and a greater demand?
Real Estate Agents often get asked “How Much Can I Sell My House For in a Sellers Market?” The answer is simple – “You can sell your house for as much as a buyer will pay for it in the current market conditions.” Lets take a look at pricing factors –
When your real estate agent does a valuation for your home, they would likely do a Comparable Marketing Analysis (CMA) based on the homes that have recently sold in the area around yours. With that information they will make a recommendation with regard to price. If you believe that your home could sell with a bigger price tag in a Sellers Market, then I suggest that you check out these tips before pricing your home .
Very important point – make sure your home looks fantastic from the street. You have one chance at making a first impression and sometimes that one thing may be the reason a person chooses to come in to look or not. Your home needs to ooze charm and be completely inviting, irrespective of price.
What is the condition of the competition homes at the time your home enters the market. Those homes are going to be part of the buyers choice and you don’t want your home to be used as the springboard to sell the other homes while yours since on the market for weeks or months. Make sure that your home is in a comparable or better condition – it could be the reason buyers will consider paying a little more for the home. Many sellers think that because they have a new HVAC and a new roof that the home has been updated, but honestly if the bathrooms and kitchen are outdated and have older appliances, it will have very little baring on increasing the price of the home. You may want to consider having a home inspection done prior to putting your home on the market. Its easy to do the repairs then and its a great selling tool once its all completed.
A home sells based on price, condition and location of the property. If your home has a benefit of a better location, like a waterfront home, or a golf course home – possibly walking distance to a great school then your home may be able to demand a higher price.
At the end of the day, the buyer will make the decision on what price he is prepared to pay. He will inevitably be working with a real estate agent and together they will look at all aspects of the property when making an offer to purchase.
In a Sellers Market, it is a good idea to price the property at exactly market value and then allow the price to be driven up by demand. Buyers get into a bidding war and the Seller can literally received multiple offers, giving him a the choice to secure the best offer and an inflated price for his home.
Call Michael Gaddy 704-975-4651 if you would like to discuss the options price and sell your home in a Seller’s Market.