Pricing your home correctly from the start is imperative to a successful sale. We all love our homes and probably think it is worth more than it is. But that thinking can be a killer when it comes to pricing your home when you go to sell.
Home Pricing Strategies
There are three main home pricing strategies to think about when approaching finding the right price: Aspirational, Market Value, and Below Market Value.
The first thing to remember when pricing your home is you must think of it like a product. While it is still currently your home, in the minds of the buyers it is a product. And buyers will decide if that price you’ve set is worth what the house offers. If it isn’t, your showings will lag and offers will just not arrive. This will lead to longer days on market, which can be a huge turn off to buyers, especially in the D.C. market.
So, what is the best of these home pricing strategies for you? It comes down to your specific property. What it offers, where it is located, the size, the condition, etc. It’s also helpful to see what the market norms are, so you are competitive. So before pricing any home, you have to do your research. You want to closely examine what similar homes have sold for in your area in the past year to six months. Seeing that data is a start to any good pricing discussion.
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