How to figure out the right price point as a home seller featured image

Your home is full of memories, hard work and oftentimes sacrifice. If you decide to sell your home, it can sometimes be difficult knowing where to set the price point because of the personal value it’s served for you.

This is why it’s vital to take the right steps to list your home at a fair price, so you attract potential buyers and make a good profit from the sell.

Collaborate with a knowledgeable real estate agent

Working with your real estate agent, you can get a better understanding of the current market you’re in to set your home at an attractive price point.

If you’re in a seller’s market, there are fewer homes for sale than there are buyers, so you can price your home at or slightly above estimated value because there’s less competition on the seller side.

If you’re in a buyer’s market, there are fewer buyers but many homes for sale, so you may need to price more competitively.

List your home for a competitive price

So what does it mean to price your home competitively? As you collaborate with your real estate agent, they can research the market to see what similar properties are priced for in your area.

By setting your home slightly below market value, you can attract a bigger pool of potential buyers searching for a good deal.

Strategic price points

Strategic pricing is used everywhere, whether you’re pricing a home or buying a cooking pan at the store. For example, you may notice a product listed for $9.99. Research shows you’re more likely to purchase the product for $9.99 than for $10.

This same strategy can apply when listing your home. So instead of listing your property for $300,000, your real estate agent may suggest a price point of $295,000 as buyers usually go for homes sequenced in increments of 5 to 10 thousand dollars.

The market in many places is constantly moving and changing so collaborate closely with your real estate agent to figure out the best price point to sell your home quickly for a great profit.

Tag: Selling Your Home