4 Things to Consider When Pricing Your Home to Sell
**Are you planning to sell your Louisville home? It might be worth more than you think!**
**Pam Ruckriegel with The Louisville Real Estate Pros at Keller Williams Realty Louisville East is the best Realtor for the job. Contact her to get started on your one-of-a-kind listing today! 502-435-5524.**
Today’s real estate market is competitive and a prime environment for any seller. Inventory is low, and there are buyers everywhere waiting to snag the perfect new home. However, even with potential buyers scouring every available house on the market, pricing your home to sell is the top aspect to really take the time to consider. Accurate pricing matters! Because of this, we have compiled a short list for your consideration. Here are 4 Things to Consider When Pricing Your Home to Sell:
1. The initial price point of your home is important. Here in Louisville, Kentucky, the current real estate market is ideal for sellers. Many potential buyers are just waiting for quality listings to become available, and there simply isn’t enough property inventory to satisfy the demand. With that being said, the listing price you initially give your home is still very significant. Even with an extraordinary demand, a price that is too high can deter potential buyers from taking a closer look. You would not be doing yourself any favors by missing out on the prime opportunity to draw interested parties to see your property in person. Many people searching for a new home are paying close attention to new listing alerts. Be sure to take the time and do your research; an accurately priced home has the potential to sell quickly in today’s market.
2. Pricing your home to sell is about more than the house itself. Comparable prices of similar properties in the area are what drive the price of your own home. One of the best things you can do in preparation is to take a close look at sale prices of other local homes. These comps, along with considering what upgrades you have or have not made to keep up with current demands and trends, will lay the foundation for solidifying your home’s appropriate price. Keep in mind that available inventory also plays a role in pricing trends. When a low count of quality homes present themselves on the market, there will inevitably be more competition between buyers. Greater competition can potentially drive up the prices leading to a favorable situation for sellers. The real estate market is never one of exact numbers and predictable conclusions. It ebbs and flows, much like a living thing. This is an important factor to understand when working to sell your home!
3. Finding the right price for your home is a delicate balance. Price your home too low, just to get a quick sale, and you could end up seriously losing out on a potentially good deal. Accurately priced homes can still sell quickly! On the flip side, a sales price that is too high could drive away prospective buyers. Even if you are not in a time crunch to sell your home, pricing too high can put you at a disadvantage in the long run. A home that sits on the market for an extended period of time could eventually lead to a necessary price reduction. The home’s number of days on the market plays a significant role in negotiating a fair deal. You could end up doing yourself a disservice and ultimately selling your home for an even lower price if the proper price adjustments aren’t made. Understanding the market and finding the right price for your home has the possibility to result in receiving competing offers from buyers. This is the ideal situation for any seller!
4. An experienced Realtor can make this process much easier. Even though you’ve done your own research and crunched the numbers, using a Realtor can still give you an edge as a seller. They not only have the tools to easily pull comparable prices near your home, but they also have the background to know what makes a deal successful. Think of all the variables that come into play with a home. You may be in a nice neighborhood with other homes that have recently sold for similar prices, but think about the bathroom that you recently renovated. How much value does a third full bathroom add? Or what about the brand new deck that you had built in your backyard? Maybe your basement is unfinished, and the recently sold house down the street has a full spare bedroom in the basement. A knowledgeable Realtor has the experience to know how these differences impact the selling price of your home.
Could you use the help of one of Louisville’s experienced Realtors? Pam Ruckriegel with The Louisville Real Estate Pros at Keller Williams Realty Louisville East can send you a FREE Market Analysis of your home today! 502-435-5524.