How Do We Know We Didn’t Under-Price Our House?
Pricing a house to be put on the market for sale is an art, not a formula. I talk a lot about average sales prices in Arlington County, but if you notice, I always say “for more accurate pricing, give me more details.” That’s because a LOT of factors go into pricing a home. Homeowners generally fear they under-priced their home if they get offers too quickly, while Realtors(R) fear if they overprice a house it won’t sell! Oh…the irony.
I have told clients that the market will tell us….the market consists of the buyers out shopping for homes. Remember TRUE market value of a home is the price a buyer is willing to pay and a seller is willing to accept. If you’re trying to sell your house – nothing else matters. Pricing a house will fall into one of these 5 categories, think of it as a bulls eye:
5. No Showings, No Offers
4. Some Showings; No Offers
3. Lots of Showings; No Offers
2. Lots of Showings; Offers
1. Multiple Offers
The ultimate goal is to sell your house. To sell your house you need offers. To get offers, you need people to see the house (showings). Pricing yourself OUT of the pool of buyers will not get your house sold.
If you get a ton of showings and interest within a few days of putting your house on the market, that means you priced it well. If you don’t get any offers, you may just be a little off the mark, but if you get offers within a few days, that means you priced it to sell!
Curious to see what your home is worth? Ask Me What Your Home Is Worth by providing a few details.