How Should I Price My Home?

What’s the secret to selling your house in the Atlanta real estate market? There’s one, and only one, factor that will quickly get your house off the market – make sure it’s priced right.

Easier said than done, right? How do you ensure your home is priced correctly?

Factors That Affect Pricing

Your Market Area

First, you need to recognize that housing markets are local. Homes prices can, and usually do, differ from zip code to zip code, and even neighborhood to neighborhood.

In order to price your home properly, the first thing you need to know is what the demand is for a house like yours in the area. Then look at what else is being sold and at what price. Determine if prices are trending up or down and by how much. Studying all the past sales in your area and for homes similar to yours can help you develop an accurate picture of what is going on in your local market.

Your Competition and the Consumer

Next, you need to analyze who is buying and selling in your market.

Who are the buyers and what are they looking for? Think like a buyer. What are the things you value in a home and talk with your agent about how that relates to what today’s buyers are looking for. Look at your home with a critical eye to determine what areas of your home might need some improvement to attract today’s buyer.

You should also take a look at homes that are currently on the market in your area and in your probable price range. Look online and spend a couple of weekends visiting neighborhood open houses. Look at these homes in comparison to yours. By analyzing your competition, you’re setting yourself up to gain a competitive advantage when your home hits the market.

Factors That Don’t Affect Pricing

Emotion

Take the emotion out of it. No matter how much you love your home and no matter how many precious memories were created there, the buyer is unattached. Buyers look at three major factors: price, location and condition. The buyer might instantly fall in love with your home from the moment they walk in the door, but these factors weigh much more heavily than emotion when it comes time to purchase.

What You Paid for the Home

Home prices fluctuate based on the local area and the market condition. What you paid for your home ten years ago unfortunately isn’t applicable when determining the selling price today. Buyers are only concerned about what the current market says the home is worth, not what you say it’s worth.

Action Items

Ask a Professional

Better Homes and Gardens Real Estate Metro Brokers agents are experts in the Atlanta real estate market. Talk with your agent about the market conditions for your area and price range. There’s one simple question you should ask: “What would I have to price my home at if I wanted to sell it in 30 days?” Their honest reaction will let you know exactly how your area is performing and how your home will fit into the market.

Know What Your House is Worth

Talk to agents. Get an appraisal from a certified appraiser. Look at comparable homes. Get a CMA and go over every portion to ensure you understand what your house is really worth. Make sure you have a clear picture of the market before deciding on a final price.

Price it Right from the Beginning

The first two weeks that your home is on the market are the most crucial to your success. During these initial days, your home receives maximum exposure to all active buyers in the market for a new home. If your home is priced too high, you’ll quickly lose this large initial audience and you’ll be left to the trickle of new buyers entering the market each day. Remember – you have one chance to garner a lot of attention. Make sure your pricing helps you stand out in the best way possible so you can sell quickly.