How much should you ask for your home?
Pricing a home correctly is the main factor that determines how fast and how much money it will sell for. Of course one wants to get the full value for their home, but overpricing it can have unintended consequences. The first step to getting the best price is to determine your home’s value by taking the following factors into consideration:
- Your home’s value may depend on the recent sales prices and current list prices of comparable homes in your area. After reviewing these prices, your price can be properly adjusted according to current market trends and the specifics of your home (ex. square footage, bedroom count, age, certain improvements).
- Buyers tend to look in the price range determined by their monthly budget. They’re are often very knowledgeable about the homes in their price range and purchase one by comparison. Above market asking prices tend to be an immediate turnoff and will turn away most buyers.
- Inviting a potential buyer to make an offer shows that you are willing to negotiate. However, if your asking price is too high, then the buyer may not see the point in even making an offer and move on to another property.
- It’s necessary to offer pricing, terms and conditions that are competitive in your market. This will help you sell faster and for more money.
Accurate pricing sells homes faster and for more money
If your home is priced below market value it will generally sell faster. However, leaving money on the table doesn’t usually sit well with most sellers.
Pricing your home too high typically results in far less showings, and most of those do not generate offers. It also results in a lower sales price when the house finally does sell. According to extensive research done by Keller Williams Realty International, homes that required 1 or more price reductions sold for less money than homes that required no price reductions! For example, homes that required 3 price reductions sold for 88% of the original list price and took, on average, 146 days to sell. Homes that required no price reductions sold for 99% of their original list price and took, on average, 40 days to sell.
The conclusion? Pricing a home correctly from the start ensures that your home will sell in the shortest time possible and for the best possible price. Sounds great, right?!
Selling your Knoxville area home for the highest possible price
The Holli McCray Group consistently sells homes faster and for more money because we know how to properly price our listings. Our honest and accurate approach to pricing homes in the Knoxville area provides our clients with a solid understand of what their property is truly worth in today’s market. We have a team of experts who have provided values for hundreds of properties in our area using the most accurate and relevant data, so you can feel confident in our home value opinions. We offer no-obligation home valuations, so you find out your home’s current value even if you don’t plan on selling it right now.