Greetings, my dear sellers! I know that you want to sell your home for the highest price possible. But here’s the thing: pricing a home correctly is crucial to achieving that goal. So, let’s talk about how to do it right.

Start with a Comparative Market Analysis (CMA): A CMA looks at the prices of similar homes in your area to give you a realistic idea of what your home is worth. I do this for you and will have this information readily available to show you where I think we should start. Sometimes comps are super easy, for a number of reasons. But if you live in a custom home, we might have to make some adjustments to show why we think the home is worth what we list it at.

Use objective data: Don’t let your emotions or attachment to your home affect your pricing decision. Use objective data to determine the right price. I totally understand that you built that back patio with grandpa one summer, you put your blood sweat and tears into, and have a ton of memories of family bbq’s… But a buyer might not see that. A deck is a deck is a deck to them, regardless of who built it. Or just because you paid X amount for the floors and installed them yourself, a home is supposed to have floors, and I’ve seen flippers get burned by trying to pad that investment by asking way too much.

Consider local market conditions: Local market conditions, like supply and demand, can also impact the price of your home. How long have things been sitting? In the craziness of 2021, houses sold before they were even active… In my honest opinion, we won’t see that market again. Ever. We’re balancing out now, and correcting, because that s**t was insane and unsustainable. This is a normal market right now, and buyers have options.

Factor in the condition of your home: The condition of your home can also impact its value. Be honest about any needed repairs or updates. And be prepared for offers to come in below asking. There are some updates, like fresh paint and upgraded appliances where you will almost always see a good return there, but if you’re making upgrades based on your taste and no one else’s, a buyer might see that as redo because you’re tastes aren’t the same.

Don’t overprice: Overpricing your home can lead to it sitting on the market for longer than necessary, which can actually decrease its value over time. And one of the mentalities I’ve heard from buyers who are following a specific house (ie: yours) and they see price reduction after price price reduction, it creates a limbo game where they just want to wait and see the lowest you’ll go before they jump on it. All the while you’re stressing because no one has made an offer yet.

Be wary of online home value estimates: Online home value estimates can be a helpful starting point, but they’re not always accurate. Realtors have A LOT of mixed feeling about the big internet folk, you know who I’m talking about… Rhymes with willow… They don’t take into account the unique features and conditions of your home, or the neighborhood, or the houses on the same street. They work off algorithms, are out of touch, and buy their info from (us) Realtors anyway… I’ll let you guess how I feel about them.

Be prepared to adjust the price: If your home isn’t attracting buyers, it may be time to adjust the price. Don’t be stubborn about sticking to your initial price. I always tell my clients, “The market will determine what your house is worth. We can list at whatever you want, but if we don’t see any activity, can we agree that the market thinks it’s too high?” I set the expectation from day one, that if that’s the case, let’s talk strategy on how we reduce the price to find the bottom.

Don’t underprice: While underpricing your home may attract multiple offers, it can also leave money on the table.

Beware of the “highest bidder” trap: Just because a buyer is offering the highest price doesn’t mean it’s the best offer. Consider other factors, like the buyer’s financing and contingencies. Going back to the chaos of 2021, it was incredible how many times I’d see a house go under contract with an investor for $100k over asking, and sellers would accept it because it was all cash, but then when it came down to inspection time, they’d want a new roof, and furnace and new windows, and new everything.. which would put them right in same lane as a first time home buyer who wouldn’t have asked for those repairs. It was the wild wild west man… glad to see more stability.

Work with a professional: Finally, working with a professional realtor, like me can be a smart move. We have the expertise to help you price your home correctly and get the best possible deal.

Pricing your home correctly is crucial to getting the best possible deal. By using objective data, considering local market conditions, and working with a professional, you can ensure that you’re pricing your home appropriately. Don’t let emotions or misconceptions about your home’s value get in the way of achieving your selling goals. Good luck!