Selling your home can seem overwhelming, but it doesn't have to be difficult. Choosing the right price point is still the best way to ensure that it sells quickly while giving you the highest payout at the same time. There are several things to consider when pricing your home to sell, and if done correctly, you'll have several potential buyers willing to pay at or over asking. If, on the other hand, you price your home too high or too low, you can miss out on a slew of potential buyers. Our agents at The John Zimmerman Group
have extensive knowledge and all the tools needed to help you price your home to sell it quickly.
If you price too high
First impressions are powerful, and it's important to make sure your home is putting its best foot forward. When you list your home, you're giving buyers the opportunity to see and consider whether it's right for them. If you price too high, you may miss out on potential buyers who could afford to purchase your home at a reasonable price. For example, if you price your home at $763,000, but you were willing to sell it for $749,900, your home will likely not show up in searches for homes listed at $750,000 and below. That means buyers with the right budget to purchase your home may not even see it's for sale.
Additionally, an aggressively priced home may lead potential buyers to believe that you're too opportunistic and won't be willing to negotiate a lower price point. Instead, it's best to price your home at the right market value, so buyers can easily find it and will feel comfortable making a reasonable offer.
If you price too low
Some people believe that pricing their home at a low price point will generate interest and that multiple offers will come through. Other sellers do this in hopes of creating a bidding war, or to sell their home very quickly. Although it may work, you risk losing a significant amount of money, especially if your home is worth much more.
Potential buyers may also be hesitant to look at a home that's priced too low. In some cases, this can lead buyers to believe that you're hiding a major problem that will be costly to repair.
The benefits of pricing right
Homeowners who do their homework and price their homes correctly will reap the benefits of saved time and money. It's easy to overprice or undervalue the price of your home, and that can make it difficult to sell. Hire an agent who knows the market for Fort Worth real estate and trust them to help you choose a price point that will sell your home quickly. A fairly priced home will reap several rewards.
You'll sell quickly
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Choosing a good price point is the best way to sell your home quickly. It ensures that your home shows up in the most search results, and it gives your house maximum exposure to potential buyers. Too high or low, and buyers with the right budget may not even see that your house is available. In a seller's market, your perfectly priced home will likely generate multiple offers, and if you're really lucky, you'll end up with a bidding war that increases the final price above what you had originally asked.
You'll receive higher offers
When you choose a fair price for your Tarrant County property, buyers will be more likely to make more aggressive offers. This is due to the fact that your home is competitively priced, and they won't want to miss out on a good deal. You'll also weed out buyers who want to make very low offers or who aren't serious about paying a fair price. In many cases, sellers with perfectly priced homes receive multiple offers that drive their price up even higher.
Buyers will be more trusting
When you work with an agent and choose a price point that's based on the current market in Fort Worth, it shows buyers that you're serious about selling your home. It also communicates to potential buyers that you've done your homework and that you've chosen a price that's fair. When a buyer feels confident in the seller's choices, they're also more likely to trust that the home is in good condition and that you aren't trying to take advantage of them.
How to price your home to sell it quickly
There are several methods that make it easier to choose a price point that's perfect for your home in the current market. Although hiring a real estate agent is the best way to wisely price your home, there are a few things you can do to educate yourself on the process, so together, you can select the perfect price point. Here are a few tried and true ways to confidently price your home so that it sells quickly.
Consider the comps
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One of the best ways to determine your home's current worth is by checking comparable homes in your area that have recently sold. Realtors refer to these as comps, and they can be tremendously helpful in pricing your home to sell it quickly. Your agent can pull up information from recently sold homes in your neighborhood that are similar in size, location and features to yours. With this information, your agent can create a CMA, or a comparative market analysis, to determine the best price for your home.
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When selecting your asking price, it's important to think about any upgrades that have been made to your home. Unfortunately, you never get the same amount back that was invested in your home, but certain upgrades can really drive up a home's value. Check with the National Association of Realtors
to see how much value you can expect a remodel to add to your home. For example, your kitchen upgrade will result in giving you 67% of the project's investment toward your home's value while a hardwood floor refinish can give 147% of the project's expense back toward your home's value.
You can also look at comparable homes in your area to determine whether certain upgrades will greatly affect the value of your home.
Focus on the business transaction
Selling your home is an emotional process, especially if you've lived there for a number of years. Even though it may be difficult, it's important to think of your home's sale as a business transaction, and leave your emotions out of the equation. Your home is likely the biggest asset, and it's in your best interest to sell it wisely in order to receive the biggest profit.
Adjust the price or approach as needed
Sometimes you may need to adjust the price once you've listed your home. If it isn't attracting offers, you may need to come up with a new strategy with help from your agent. There are a few things you can do to refresh your listing and attract new potential buyers. Your agent can help you determine which methods will produce the best results.
In today's strong seller's market, it's uncommon that you'll need to drop the price of your home, but in some cases, this may be necessary in order to remain competitive in your neighborhood. This can be due to a change in the local market. Ask your agent to conduct another CMA to see whether you need to adjust your price. This is the best way to determine the market trends and make amendments on your listing.
Increase marketing strategies
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If your house isn't showing up on search results as often as you'd like, you may need to make some adjustments. If buyers aren't able to see your listing, they won't be able to make an offer, and you'll be missing out on potential sales. Check to see whether the listing is worded correctly and whether your agent has listed it in all of the right places. Ask him or her to pull out all the stops to make sure a wide range of potential buyers are getting the information they need in order to schedule showings and make offers.
Improve the home's condition
If your home needs minor repairs, it may be worth it to tackle them. This is especially helpful if the repairs are inexpensive and improve your home's curb appeal. Consider whether the cost and effort are worth it, and take action. Once you're finished, update your listing to reflect the work you've done. You may also want to consider the way the home is currently staged and whether you could make improvements that would attract a new round of potential buyers. Some sellers even hire someone to stage their home
Choose the #1 real estate agent in Fort Worth
The John Zimmerman Group has nearly 30 years of residential real estate experience, and we're here to help you purchase the perfect home in Fort Worth that meets your needs, stays within your budget, and exceeds all your expectations. Call us today
to start the process of selling your current home or buying a new one.
*Header photo courtesy of Shutterstock