Listen To This Podcast Here!
Apple Podcasts
Stitcher
Spotify
Google Podcasts
Listen Notes
PocketCasts
RSSPricing Your Home In Chattanooga
We are going to talk about pricing strategy for home and how to get the price that you want or you need to get out of your home. If you would like to get an exact price on what your home is worth or pricing your home in Chattanooga, click here!
Sometimes houses are often flat out disregarded or not even shown because your asking price is out of whack with other homes comparable. Your asking price is the first impression that your house gets. If you want to get the most amount of money we should get this done correctly. It shouldn’t be taken lightly and should be put thought into it and having a real estate professional help you out that and give you some comparable of what have sold will help.
How Your Asking Price Affects Your Selling Price
Clearly Overpriced
Every seller wants to realize the most amount of money they can for their home. Real estate agents know this. If more than one agent is competing for your listing, an easy way to win the battle is to overinflate the value of your home. This is done far too often, with many homes that are priced 10 – 20% over their market true value. This is not your best interest, because in most cases the market wont be fooled. As a result, your home could languish on the market for months, leaving you with a couple of important drawbacks.
Somewhat Overpriced
About 3/4 of the homes on the market are 5-10% overpriced. These homes will also sit on the market longer than you want. There is usually one of two factors at play here. You may believe in your heart that your home is really worth this much despite what the market has indicated. Or maybe you’ve left some room for negotiating. Either way, this strategy will cost you both in terms of time on the market and ultimate price received.
Priced Correctly At Market Value
Some sellers understand that real estate is part of the capitalistic system of supply and demand. They will carefully realistically price their homes based on a thorough analysis of other homes on the market. These competitively priced homes usually sell within a reasonable time-frame and very close to the asking price.
Priced Below Fair Market Value
Some sellers are motivated by a quick sale. These homes attract multiple offers and sell fast – usually in a few days – at, or above, the asking price. Be cautious that the agent suggesting this method is doing so with the best interest in mind.
How to Get the Price You Want (and Need)
When you decide to sell you home, setting your asking price is the one of the most important decisions you will make. Depending on how a buyer finds you home, price is often the first thing he or she sees. Therefore, many homes are discarded by prospective buyers as not being in the appropriate price range before these homes are given a chance to be shown.
Your asking price is often your home’s “First Impression”. If you want to realize the most money you can from you home’s sale, it is imperative that you make a good impression.
Pricing Strategy Starts with Good Information
Before you can begin to know what your home is worth, you should do some research. Keep in mind the following:
- An analysis of what homes have recently sold for in your neighborhood is NOT enough to help you properly price your home.
- A quick scan up and down the street at the prices of homes that have recently sold gives you a starting point. However, this is not nearly enough for you to base your entire pricing strategy on. It is important for you to understand how buyers look for a home.
To get an exact idea of what your home is worth, call us at (423) 810-9474 and we will do a completely free in home estimate of your home value. There is never any cost or obligation.
Here are the list of resources mentioned in this episode:
