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Understanding Home Pricing!

Or should it be “positioning” vs. pricing, and understanding the difference?  Or is there a difference?  Perhaps  that’s question?…and of course the answer could be it depends”  Meaning understanding the market itself, are prices moving up, moving down…or staying just about the same?  Understanding that factor makes a huge difference evaluating the demand for your home which could translate to the value of your  time and bottom line.

In the past most home sellers and their agents have used the “comparable sales” in the immediate/general area as guidelines on pricing. However it’s also critical you have an understanding of the current local competition.    Notice I didn’t say comps/comparables which we often refer to. Instead meaning  not only those that have actually SOLD/CLOSED it’s also about the ACTIVE homes  now for sale. Yet unless your market is currently moving up, the prices on ACTIVE listings/homes for sale, may not be ACTIVE at all.  Remember those have not sold and may be just sitting there.

That’s exactly where “positioning” your home pricing can  be crucial to your successful sale. I’ve personally experienced it myself over the years in real estate working with home sellers and home buyers. It impacts  both sides of the marketplace.  And ultimately it’s the buyers who actually will actually help confirm pricing with an acceptable offer.

As a home seller pricing your home for sale in a “cluster” of other available homes, normally just adds one more to the bunch. And it only takes one or two sellers chipping away…reducing their asking prices to move the entire pack downward. I’ve seen it multiple times myself over the years.

So bottom line, why not “GET AHEAD” of the pack, ahead of the crowd…and be the successful home sellers who “position” their home for a timely sale?  And remember as I mentioned earlier it’s the buyers who confirm pricing among the crowd of unsold inventory!

 

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