Pricing Your Home

​Proper pricing is important because it leads to a faster sale, exposure to more buyers, generates more advertising/sign calls, increases Realtor® response, attracts higher offers, and means more money for the seller. The key is to make sure your home compares favorably to other homes currently on the market or recently sold in your neighborhood.

​There are many reasons why people overprice their homes, including over-improvement, need, original purchase price too high, lack of factual data, bargaining room, assessed value, emotional attachment, and opinions of family and neighbors. Overpricing can lead to appraisal problems, loan rejections, lost time, and attracting the wrong buyers.

The role of a real estate agent in pricing your home is to provide you with a comparative market analysis (CMA), which is a comparison of the prices of recently sold homes that are similar in location, style, and amenities. The CMA helps determine the competition in the market and provides a basis for setting the right price. Agents cannot control the market but can guide you through the marketing plan, estimate your net proceeds, help determine offering incentives, and keep you up-to-date on market trends.

​Pricing your home is critical to a successful sale. It requires a balance of objective research and intuition about your property and the current market. Remember that the market determines the value, but you control the price based on factors such as marketing time, financing alternatives, condition, and exposure method. Working with a real estate agent can help you make informed decisions about setting the right price for your home.