How do you price your home? How accurate is a pricing report?
I believe pricing is both an art and a science. In many ways, it relies on simple business sense, but in other ways, knowledge of the buyer, the community, and the timing of the transaction. While all these points should be a part of the home-selling process, many real estate agents don’t go to all this trouble. It’s not their home; they just want to get their commission and get out.
One important piece of advice: The biggest mistake is pricing a home based on ACTIVE sells. I recommend considering SOLD homes first and then make the final adjustment based on how many similar homes are available on the market.
Keep in mind there’s no magic number. No pricing report or agent can produce a number that can be considered 100 percent accurate. If you ask three agents to price your home, you’re going to get three different answers. However, arriving at that number yourself with the aid of selling tools provided by ListingDoor, you have a better chance of crunching the numbers to produce an educated, logical selling price –whether you’re in Michigan, Florida, California, Texas or anywhere else in the U.S. The National Association of Realtors 2015 Report of Buyers and Sellers even concluded that FSBO sellers price their homes more accurately than realtors.
We have a blog “3 Easy Strategies to Pricing Your Home Right” that gives you 3 easy steps to pricing your home on the market.