Selling your Danville home can be an exciting but overwhelming time. You want to attract serious buyers who are ready to make an offer, and you want to get your property sold quickly. The longer it’s on the market, the more money you’ll lose waiting for it to sell.
Everything starts with the right price. It doesn’t matter how beautifully you’ve staged it or how great your real estate agent is at selling it. If the price isn’t right, you’re not going to generate any interest at all.
Today, we’re sharing three easy pricing steps that will get you started when it’s time to sell your home.
Evaluate the Competition
You need to know your market before you can accurately price your property for sale. Do a little investigating. See what other homes similar to yours are selling for in your area. Remember, you want to know what they sold for, not what they were listed for.
If there aren’t a lot of homes similar to yours on the market – that’s good news. It means you can probably ask a little bit more, since the inventory isn’t huge. If most homes for sale are three bedrooms and two bathrooms and you have a five-bedroom, three-bath home, you’ll attract all the buyers looking for larger homes. But, if there are a lot of properties similar to yours currently on the market, you may have to lower your price a bit in order to compete.
Focus on Location, Condition, and Season
Sometimes, sellers take an emotional approach to the pricing of their home. They know how much they want to earn (or need to earn), or they have a firm idea of what their cherished house is worth. You have to understand that only the market will drive the price. It doesn’t matter how much you love your property and it doesn’t matter how much you hope to earn after the mortgage balance is paid off.
Several things will impact your price, starting with location. If your home is in a desirable location with excellent schools, well-maintained properties, and proximity to schools, workplaces, entertainment, and shopping, you can probably ask a bit more than you could if your home isn’t in the best neighborhood or is a bit more remote. Property condition matters as well. Consider making some upgrades or updates that will help your home stand apart from others like it.
Finally, consider the season. Homes generally sell faster in the spring and summer. If you’re listing your home right before the holidays, you may have to wait a little longer to get it sold or you’ll need to lower the price to get the attention of buyers who are looking during the slow season.
Stay Flexible and Identify a Range
When you’re pricing your property, set a range instead of fixating on a specific number. If you list it for $875,000, be willing to come down to $850,000 if you don’t get any interest in the first couple of weeks that it’s on the market. The Danville real estate market is competitive, and you have to be prepared to negotiate when it comes to price.
These are just a few tips to adopt when you’re putting together a pricing strategy. Get some professional help so you don’t waste time and money pricing your home incorrectly. We’d be happy to offer additional advice. Contact us at Stowers Real Estate.