There's a bit of art, science, and psychology to figuring out the right home price. An experienced realtor helps you consider all of them.
There is an art and a science to determining the right listing price for your home.
When we work together to establish a price for your home, we look closely at comparable homes or “comps.” We’ll look at the numbers in these comps such as the square footage, lot size, number of bedrooms, number of bathrooms, age of the home, price the home sold for, etc. That’s the analytical or "science" side of establishing a listing price.
But there is also an "art" to establishing the right price for your home that has to do with more intangible features that aren't always apparent when looking at the numbers. This can include the condition of the home, any unique qualities about its location, or other factors.
In addition, here are some market dynamics that we might want to keep in mind when establishing a price:
The buying market has a short attention span. A property generates the most interest when it first hits the market.
Pricing your home right the first time is key. Proper pricing attracts buyers and gets them in the door.
The asking price isn’t always the price the home sells for. It’s a starting point.
Time on the market can work against you. If it’s priced too high, it may be slower to attract buyers.
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