Homeowners often wonder how to price their properties to get the most money at the closing table, and rightfully so — a lot goes into determining the proper listing price for a home. Many homeowners get caught up in the details of pricing and preparing their properties for success. This article outlines some expert home-selling tips that are sure to get results.
So, if you’re listing your Broomfield home for sale and looking for a top-notch home pricing strategy that aims for the sky, read on!
Set a competitive price
Deciding on a competitive price for a home is one of the most crucial home-selling tips. If the price is set too high, potential buyers could be discouraged. Conversely, setting the price too low means not getting the maximum possible amount for the home.
It is highly beneficial to work with a knowledgeable agent who has vast experience with the local market and buyer behavior. They will conduct a comparative market analysis (CMA) to determine a reasonable listing price.
It's essential for homeowners to be completely honest with themselves about the price they should set for their home to make it the most attractive option for buyers in their area. The optimal listing price will vary depending on the time of year and the local housing market trends.
Be intentional about price points
During the home search period, buyers often gradually increase their target price range to improve their chances of securing a favorable deal. This strategy is similar to how humans prefer to pay $4.99 instead of $5 for a gallon of milk at the grocery store. When selling a home for a specific price like $227,900, keep in mind that setting it slightly lower may attract higher offers from a larger pool of buyers.
To attract more buyers, try setting a home's price near a more natural price point. Home buyers tend to consider homes within a five to ten-thousand-dollar increment. For example, pricing a home at $229,900 or $227,900 would yield similar buyer inquiries, but pricing it at $224,900 (the next price point down) would increase the potential buyer pool.
Utilize value range marketing
Another way to improve your home pricing strategy is by using value range marketing, also known as value range pricing. This pricing technique involves setting a listing price that falls within a range. Set your desired list price, and then choose a slightly lower price that's still considered acceptable. By using a range of prices, such as listing a home for between $300,000 and $350,000 instead of just $350,000, homeowners are more likely to attract buyers and get better offers.
Enlist a fantastic agent
It's crucial to find a knowledgeable listing agent to team up with. Dana Piterniece
understands the local Broomfield real estate market and can accurately determine the potential value of a home based on recent Broomfield homes for sale. Take the time to research Broomfield listing agents, ask for recommendations from friends and colleagues, interview multiple agents before choosing one, and ask for reviews. Good reviews speak volumes.
Make sure to agree on a detailed marketing plan in writing before signing a long-term listing agreement with your chosen agent. A solid marketing plan can save sellers tons of time and energy that goes into staging, photo-taking, and hosting open houses, to name a few aspects of marketing a home successfully.
Give and receive feedback
Sellers who want to achieve the best price for their home should be open to receiving constructive criticism from their listing agent. They can expect advice on various aspects of the sale, such as pricing, curb appeal, and any necessary renovations.
On the flip side, it's important to choose an agent who is receptive to feedback and willing to review their marketing plan for the home if it's not bringing in many potential buyers. Sellers may also have suggestions regarding advertising, such as flyers, photographs, or virtual tours. Two-way feedback is imperative between sellers and their listing agents, not only to secure the highest sales price but to ensure stellar teamwork along the way.
Consider incentivizing buyers
Sellers can offer to pay for an inspection or part or all of the closing costs. They can also provide these incentives in the form of credits for home upgrades. Some sellers even pay for services like homeowners association dues or property taxes for a certain period of time to encourage the buyer to move forward.
While offering incentives can be a powerful tool to strengthen your pricing strategy, it's not always necessary. Whether or not sellers choose to offer incentives is highly dependent on the level of demand for housing and the supply of properties available. Consult with your listing agent to receive advice on your local market and determine which incentives will be most effective.
Get the home pre-appraised and pre-inspected
Getting a pre-appraisal of your home before a potential buyer makes an offer is one of the most overlooked home-selling tips. It provides an unbiased property valuation, which you can use to set your price point and negotiate with potential buyers. Similarly, some sellers also get pre-listing inspections to identify any necessary repairs and get ahead of any areas of concern.
Successful sellers can adapt quickly and change their strategy if something is not working. For example, if you have implemented a marketing plan, but potential buyers are not showing interest in your home, it could mean that your price is set too high. In such a scenario, the only solution is to lower the price. If you're getting a lot of prospective buyers visiting your open houses but no offers, it may mean that something about your property is turning buyers away. Try identifying the problem and taking steps to fix it. Smart sellers take proactive measures to improve their chances of making a sale.
Sell Your Broomfield Home
If you're ready to sell or looking for Broomfield homes for sale
, contact Dina Piterniece
today to get started. From expert home-pricing strategies to insightful market data, Dina has the tools and knowledge to help you achieve all your real estate goals. Reach out today to get started.*Header photo courtesy of Dina Piterniece