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The Yankee Express

Pricing your house right still matters today

Mark Marzeott

While this isn’t the frenzied market we saw like the past few, homes that are priced right are still selling quickly and seeing multiple offers right now. That’s because the number of homes for sale is still so low. In June, 76% of homes sold, saw an average of 3.5 offers. Source – National Association of Realtors
To set yourself up to see advantages like these, you need to rely on a REALTOR or real estate agent. Only an agent has the expertise needed to find the right asking price for your house. Here’s what’s at stake if that price isn’t accurate for today’s market value.
The price you set for your house sends a message to potential buyers. Price it too low and you might raise questions about your home’s condition or lead buyers to assume something is wrong with it. Not to mention, if you undervalue your house, you could leave money on the table, which decreases your future buying power.
On the other hand, price it too high and you run the risk of deterring buyers from ever touring it in the first place. When that happens, you may have to do a price drop to try to re-ignite interest in your house when it sits on the market for a while. But be aware that a price drop can be seen as a red flag for some buyers who will wonder why the price was reduced and what that means about the home.
It can be thought of this way; your house’s market debut is your first chance to attract a buyer and it’s important to get the pricing right. If your home is overpriced, you run the risk of buyers not seeing the listing . . . But price your house too low and you could end up leaving some serious money on the table. A bargain-basement price could also turn some buyers away, as they may wonder if there are any underlying problems with the house.
Think of pricing your home as a target. Your goal is to aim directly for the center – not too high, not too low, but right at market value. Pricing your house fairly based on market conditions increases the chance you’ll have more buyers who are interested in purchasing it. That makes it more likely you’ll see multiple offers too. Plus, when homes are priced right, they still tend to sell quickly.
Lean on a professional’s expertise to price your house right. So why is an agent essential in finding the right price? Your local agent has the skill, tools and the insight necessary to find the market value of your home. They’ll use their expertise to determine a realistic listing price by assessing:
The prices of recently sold homes
The current market conditions
The size and condition of your house
The location of your house
Pricing your house at market value is critical, so don’t rely on guesswork. Work with a trusted REALTORs like The Marzeotti Group or another professional to make sure your house is priced right for today’s market.

This article is reprinted from earlier this year.