What Should I Price My Home?

Every homeowner wants to sell their home for the most money possible as quickly as possible. Unfortunately, it’s not easy to accomplish these goals.There are specific approaches that realtors need to research before putting a home on the market- one of the most important is to price your home. Pricing your home realistically is key to selling your home for top dollar and quickly. There are many myths accepted by homeowners as truth, which is what we will look at first.

Waiting longer makes better offers appear. This is a myth that a lot of people succumb to. In reality, homes sell for the most money when they are on the market for less than 30 days. The longer a home sits on the market, the more buyers question what is wrong with it- thinking there has to be a reason no one has snatched it up yet. When buyers are looking online at homes and come across the same home month after month, they assume it must be priced too high. Time is not a seller’s friend! If you have an offer early on to your home being on the market, consider accepting, because the longer you wait, the higher chance you will have to drop the price.

A quick offer means the home is priced too low. In contrast to what myth number 1 says, some sellers think that having an offer in the first few days means they under priced their home. We often hear the phrase “[they] gave their home away”, meaning that the homeowner accepted an offer lower than what they could have received because it sold so quickly. This is always false! When your home hits the market, it is seen by hundreds of buyers. In most cases that a home sells quickly, it is because it was the perfect price range, location, or floor plan for the buyers.

We need to price our home with room to negotiate. While negotiation is bound to happen, this myth can often hurt a seller in the long run. Your realtor should be prepared to negotiate for you so you are not taken advantage of, but over pricing your home to get the most out of your sale is risky. If a home is overpriced, it will be avoided, therefore you will never have the opportunity to negotiate. You can expect a buyer to make a low offer, but most buyers are prepared to negotiate up. Overpricing your home is not necessary to find a middle ground.

When it comes to finding the right price for your home, find an agent that is familiar with the market and can accurately price your home. Remember, don’t overprice your home expecting to negotiate- let your agent take care of that. Don’t assume that a quick offer is a negative- in reality, it’s great news! And don’t wait for that picture perfect offer- you just never know what can happen.

If you curious what your home may be worth, fill out this questionnaire and we can tell you!

Listing: Open House Modal

Ryan Coleman

ryan coleman

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About the Author
Ryan Coleman
Ryan is from Richmond Virginia and attended college here in Knoxville Tennessee. He is married to his beautiful wife April, they have one daughter and one son who reside in Knoxville. Ryan is a highly trained, knowledgeable Real Estate Broker and Investor (owning both Residential Investment & Commercial Real Estate). For over 20 years, Ryan has spent much of his time helping buyers and sellers find their perfect dream home, devoting his personal attention during the entire transaction until and beyond closing.