How To Price Your Home in a Shifting Market
Four factors that will help you determine the price of your home.
How do you price your home in a shifting market? Sellers have to do a lot if they want to be successful in this market. In my last video I talked about how to prepare your home, but pricing it correctly is equally important.
If my team or I had visited your home six months ago, we would’ve been incredibly flexible on the listing price. If you felt it was worth $240,000, we would’ve given it a shot at $249,000. We’d always get plenty of activity, and if we didn’t obtain the price we wanted, we would at least receive one that was acceptable.
"You need to compare apples to apples when pricing your house."
As our market dynamic shifts, these are the four most important things that determine your home's value:
1. Location. In some large cities, the location could mean a $100,000 difference. Fortunately, that difference isn’t as drastic in the Southwest, but the location still plays a huge role in the home’s value. For example, a home in one school district might be different than a house in another—every neighborhood will be different.
2. Style. Single-story, two-story, tri-level, and bi-level homes will have drastically different values. You need to compare apples to apples when pricing your house.
3. Size. If you have a 2,400-square-foot home, you can’t compare it to the 1,200-square-foot home down the street. As the property gets bigger, it typically sells for less per square foot.
4. The condition and amenities. If the home across the street has been recently upgraded with stainless steel appliances, it will likely sell for more than yours. We have to adjust your price based on the house’s condition. Amenities like a swimming pool or golf community also affect your final price.
All of these factor into what your home is worth and what you should price it at. If you have any questions, feel free to call or email my team or me. We’d love to hear from you.