No matter what you’re selling – toothpaste, tomatoes, or townhomes – choosing the right price is key to getting your product off the shelves. Determining a home’s best asking price is more than just picking a number that sounds good. That’s why we have tried-and-true real estate pricing strategies designed to get our clients the best possible sale price for their homes.
Up-to-the-minute market analysis
When The Packer Group signs on to sell a home, the very first thing we do is conduct a comprehensive market analysis, or CMA. Understanding where the market is right at the moment you put your home up for sale is the key to crafting an accurate price.
Looking at your particular house and situation, we analyze historic trends, recent sales and properties similar to yours that are currently on the market. These three factors give us a great foundation to work with when calculating the perfect price for your home.
Overpricing is a losing proposition
Everyone wants to get the best possible price for their home, but we always advise against overpricing. Putting an overly ambitious price on your home not only scares off potential buyers, but it can severely limit the “fresh-on-market” momentum that can get your home sold quickly … and usually at a higher price than if it languishes on the market for months.
Also, believe it or not, we’ve found that sellers who overprice their homes initially end up dropping their prices by a larger percentage than those who price their home accurately in the first place.
Even if you get a buyer who is willing to pay that high price, you may run into problems during the appraisal process. If your home doesn’t appraise for the amount the buyer needs to borrow, it can be a real headache for all involved – even kill the deal altogether.
Multiple offer heaven
When your home is priced accurately, you’re more likely to get more interest and even generate a multiple-offer situation – which is the real estate equivalent of heaven. When you have multiple buyers jockeying to score your house, you hold all the cards. Buyers who know they’ve got lots of competition will be a lot more willing to do things like forgo inspections and appraisal contingencies. They just want your house – and they’ll often do whatever it takes to get it, which makes your life MUCH easier.
Plus, with multiple offers, if your initial accepted offer falls through, you have fallback options that keep you from starting back at square one.
Need Help Pricing Your Home?
At The Packer Group, we understand the nuances of home pricing in and around the Detroit metro area, and we’d love to make sure you get top dollar for your home. Give us a call today at 734-707-7992 to get started!
