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Today, we’re going to talk about four different pricing strategies for selling your home. While these strategies are fairly common, not all of them will net you the most price. If you don’t pay attention to what the market is telling you, you will lose time and money.
The first strategy is overpricing your home. Every homeowner wants as much money as they can get, and real estate agents know this as well. If you have a bunch of agents competing for your listing, they may inflate the value of your home. However, the market cannot be fooled! Buyers are more educated, and they can tell if a home is overpriced by 20%. If you go this route, your house will languish on the market for a long time.

Some sellers will slightly overprice their homes in order to leave room for negotiation. About three-quarters of homes that are on the market are priced 5% to 10% above what they should be. These homes will also sit on the market for longer than you want. You may think your house is actually worth that much, or you left room for negotiation. Either way, you will spend more time on the market and get less money. Almost 25% of all homes listed in Orange County last year expired because they were overpriced.
You can also price your home correctly at market value. These sellers understand the basic economic principle of supply and demand. By basing the price of your home off similar homes that have sold in your neighborhood, you will net more money. These homes are usually on the market for about 30 days and they will sell very close to asking price.
Finally, if you are highly motivated to sell quickly, you could price your home below market value. These properties sell in a matter of days and often attract multiple offers. Not only will your home sell in a couple days, you might sell your home for above asking price depending on buyer interest. This strategy particularly benefits sellers with little time on their hands.
If you have any questions about today’s video or real estate in general, give us a call or send us an email. We would be happy to help you!