When we go out to a listing with a seller, many of them have a price in mind that they want to sell the home for. The first question we ask is, how did you determine your home’s selling price? Sometimes there is logic behind the number and sometimes it is just the number they want to sell the home for.
There are a few things that you can do to tell you if you overpriced your home.
Low showing counts
This will vary on the location and the price range. If you are in an isolated location or are selling a very high dollar, multi-million-dollar home, you won’t have a lot of showings. If your home is in $300K-$600K range and it is in Marysville, Lake Stevens or any of the local areas with a lot of traffic and you are getting less than three showings a week that means the market is rejecting your price and you have a pricing issue.
If you’ve had your home listed longer than the average days on market (DOM) for that area and have received no offers, your home is overpriced.
How you came up with price
The third way to determine if your home is over priced is if you based your price on what you need to net by selling your home. You don’t want to base the price based on the amount you want to receive, it is not a lottery ticket. The value will go up and down with the market and it is only worth as much as someone is willing to pay for it.
When determining the price, it is important to look at the active homes on the market, these would be your competition. You also need to look at the ones that are pending, or nearing closing, and ones that have recently closed to get a very accurate price point.
It is important to price the home right the first time, so the market knows you are serious about selling the home. You only get one shot at the initial surge of interest when the home is first listed, and you need to take advantage of that.
Give the Novak Team a call. We will have some of our experienced buyer agents come to the home, walk through and give their professional opinion on what they think the home would sell for prior to listing the property. They show homes to buyers almost daily and know what people are willing to pay for. Using both the experts and the comps will give us an accurate value of the home.