Pricing Your Home to Sell

By MetroList.com — Avonya Real Estate

When selling your property, choosing the right price may be the most crucial decision you make. If you overprice the property, after the first two to three weeks of showings, the appeal will no longer be as new. After around 21 days, demand and interest start to decline.

Don’t Fear Pricing Low

Although pricing too high can be a mistake, don’t worry about pricing your home too low. Properties priced below market value will often receive multiple offers that drive the price up to market level. It’s all about supply and demand.

Get a Comparative Market Analysis

In order to get your asking price as close to market value as possible, you’ll want a Comparative Market Analysis (CMA). A CMA compares your home to recently sold homes in the area with similar features, taking into account location, square footage, condition, and upgrades.

Understand Market Conditions

Market conditions play a huge role in pricing strategy. In a seller’s market, you may be able to price aggressively. In a buyer’s market, you’ll need to be more competitive. Your Avonya agent will have deep knowledge of current local conditions and can guide you accordingly.

Be Prepared to Adjust

If your home isn’t generating showings or offers within the first two to three weeks, that is a strong signal from the market that the price may need adjusting. A timely price reduction is far better than letting the listing go stale. Trust your agent’s guidance and respond quickly to market feedback.