Well, that’s not their intent, but they priced their home so high … mine will be a breeze to sell.
Pricing your home correctly is just about … no, IS the most important aspect of selling. Buyers shop. For computers. For cars. For stereo systems. Smart shoppers look at what’s on the shelf. They look at multiple options and compare features and price. Buyers buy the items they believe are the best VALUE. And usually, all other things being equal, lowest price wins.
It’s no different with home sales. In fact, it’s probably easier finding comparable data on homes than it is on computers. Features. Price. Those two details are weighed.
Most home searches begin online. The value must shine through the computer monitor (or smart phone screen). But if the price is way off, you might not get a second look.
Unfortunately, buyers don’t care what we paid for our homes. And they don’t care what we owe. They only care about buying the home they’ll love at a fair price. The market price.
So here’s how the typical home search goes…
- Look for homes with must-have and nice-to-have features/stuff.
- Narrow the search, pick your favorite.
- Once found, compare with recently sold homes with same features/stuff — this provides the basis for offering price.
- Now look at other homes with same features/stuff for sale now.
- Best value proposition wins.
Even in a hot market, if the price is way off, the property will sit on the market. We have homes in Colorado Springs that have been listed for over 120 days. Price is too high in every case.
Back to my neighbors. They’ve easily priced their home 10% over comparable properties sold and currently listed. We just need to list our home at market value … same floor plan, same stuff (mostly). Their price will probably help us sell our home faster. Sort of like the story about trying to out run a bear…you don’t need to out run the bear, you just need to out run the guy next to you (ok, bad analogy).
Read More on Pricing:
7 Reasons your home is not selling – Bill Gassett
Real Estate Pricing Mistakes – Kyle Hiscock
Selling your home in the Colorado Springs area? It’s super important you price your home correctly. We’d love to prepare a complimentary Comparative Market Analysis (CMA) specifically designed and tailored for your home. Click here for your FREE CMA.
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