When it comes to putting a home on the market, pricing is everything. It can be tricky to know how to find a price that’s just right for your listing—but it’s not as hard as you think.
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In today’s hot real estate market here in Minneapolis, pricing is everything. So today I’d like to give you a little insight into what that means and how it affects you.
Right now, inventory is low and the market is extremely hot. These circumstances combined always lead my clients to ask me one key question, “How much do I list my home for?”
To answer this for you, there are a couple of things I’d like you to keep in mind. First off, consider the pricing of homes in your neighborhood. Something a lot of people might not consider is that to best price your home, you need not only to consider your own home’s features and benefits but also those of your neighbors’.
When you look at what those other houses have sold for, or are listed for, you’ll get a good idea of how to list your own home, as well.
Keep in mind though, that while overpricing might seem tempting—given how quickly homes are moving off the market—it may not be such a good idea.
To explain why, I like to use this analogy: When a store stocks new items, they tend to put them in the front. They’re often listed at a higher price and, sometimes, go overlooked until eventually their price is bumped down to the point where they go into the back of the store on a clearance shelf.
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When you overprice your home, you run the risk of it being overlooked and eventually being “put on the clearance shelf.”
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When you overprice your home, you run the risk of it being overlooked and eventually being “put on the clearance shelf,” so to speak.
Pricing can be tricky—because you also don’t want to list your home too low. You should think of pricing like a bell curve and try to put your home on a point where you’ll create a multiple offer or quick offer scenario so we can net you the most money.
If you’d like me to help you learn more, or if you have any other questions, feel free to get in touch. Give me a call or email—I’m happy to help. I look forward to hearing from you.
