A few tips to help you price your sellers’ homes to sell quickly and for top dollar.
As a real estate agent, you’re expected to know exactly what is going on in the current market, which includes how to price your sellers’ homes to sell for the most money possible. So how should you price a home? The market is definitely shifting; interest rates, are on the rise and inflation is going up. Today I’ll discuss a few factors to help you price your clients’ homes in a changing market.
1. Location. It’s important to look at homes in a very tight radius around the property.
2. The age of the home. In our area, homes built after 1985 have high ceilings in the basements, and homes built before then tend to have low ceilings. Take a look at the layout of the home because that will make a huge difference in how you price it.
3. Square footage. It’s very hard to compare a home that has 2,000 square feet of space to one with 4,000 square feet, even if they’re right next to each other. Also, be sure that you understand how square footage is even calculated. For example, in our area, when the assessor says the home is around 2,000 square feet, they’re not including the basement. You need to be an expert in this area.
4. Condition. This is the most important factor when it comes to valuing a home. If your client’s home isn’t in good condition, you need to price it under the market a little to make it more attractive to buyers. People in our crazy market have been overpaying for homes that need some work done, but that trend will end. If it is in good condition, however, you can likely price the home at the top of the market.
5. Timing. Consider the timing of your sale. Interest rates are on the rise, so your client’s buying pool may get smaller over time. In our market, homes that are listed before the start of the school season are really popular, so listing the property after that date could bring their home value down. If your client has been on the fence about selling, call them and impress upon them how important it is that they act sooner rather than later.
I can’t overstate how important it is to price homes correctly. If you overprice your client’s house and the market begins to go down, they could be stuck with their house on the market for a long time. Homes that stagnate on the market are almost always overpriced or have major issues that scare buyers off.
I’d love to continue this conversation with you. Visit www.BookKati.com to schedule a free coaching call with me, and I’d be happy to help you with any questions you have. I hope to hear from you soon!