These are the most commonly used pricing strategies in real estate.
So you’re thinking about selling your home. You’ve heard that the market is hot, and you know you can get a great price right now, but how do you determine what that price is?
One of the most valuable parts of my listing consultation is the in-depth pricing analysis. I sit down with my clients, look at the specifics of their home, recent local sales, current competition, and local market trends. After that, we decide on one of three pricing strategies:
1. Aspirational price. This is where you price your home at the top of the market or above based on recent comparable sales. Most sellers think this is the best way to sell for top dollar, but I’m here to tell you that’s not usually the case.
2. Market value. With this strategy, we’ll take a look at those comparables and price right in line with what others have sold for. This is a great way to put your home in front of more buyers and get more buyers through the door.
3. Opportunity pricing. This is where you price slightly below market value based on recent comparable sales. Sellers have found that this gets the most eyes on the property, most buyers through the door, and typically creates a multiple-offer situation. This strategy may bring you that aspirational price. With this strategy, you’re in the driver’s seat as a seller.
If you’re thinking about selling and want to know more about what pricing strategy would work best for you, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.