Pricing your property correctly

The three most critical components of a home sale are…presentation, pricing, and exposure. You rely on your chosen Broker for the exposure piece, so that leaves presentation and pricing, both of which you will influence as a home seller. It’s critical to know how to prepare your property for market, so that it shows its absolute best. Home staging is a must, whether you do it yourself, or have it done by a professional.
That leaves us with pricing…a component that often does not have the research and science behind it that it should command. Price it too high, “testing the market,” and history has shown us that you’ll likely end up with a lower net price in the end. Price it too low, and you’ll also leave money on the table. When determining the correct price, don’t be afraid to ask questions, and do your own research. Among other things, you should be aware of the absorption rate for your type of property, in your respective sub-market. In using that metric, home sellers can better determine if their home is priced right, given their competition and current market conditions. Without it, you’re flying blind.