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Pricing Your Home

Placing a price on a home is often challenging for sellers. For them, the home is a place filled with lifelong memories and exceptional sentimental value. It's difficult to set a price based on the tangible elements of the property. By working with a leading local real estate agent, a fair market value can be set that helps improve the home's performance in the local listings. Here are a few elements to consider when pricing your property alongside your real estate agent. 

All Real Estate is Local 

Pricing trends in the real estate market reflect the location of the property. A real estate agent will closely examine many local market factors to determine the optimum pricing strategy. Their focus will be on which properties are performing well and which are not, and why. By reviewing the data, the correct value can be achieved. 

Home Maintenance Significantly Enhances Value 

As part of their pricing consideration, agents will consider the current condition of the home. They may advise sellers to invest in home maintenance as a way to improve the market price and ensure the value reflects the seller's objectives 

Timing is Crucial 

Timing is a critical element within the home pricing process. Fluid factors such as local employment and interest rates can reduce or enhance home values. Agents will often advise sellers to bide their time before bringing their home to market in a depressed economy. They will also help streamline home sales when the economy is performing well and peak pricing can be achieved. 

Overpricing Can Stunt Market Performance 

Sellers that place an above-market value on their home risk losing buyers to more affordable area properties. It's important for sellers to speak with their agent about how to balance competitive pricing with a strong return. Reviewing the local pricing trends can help to create the foundation for a forward-thinking pricing strategy. 

Market forces will dictate the overall sale price of a property. But there are a few tools sellers can use to enhance their home's value. To learn more on home pricing, please contact Betsy Price today.