Back HomeA quick guide to pricing your home right
Pricing a home right is one of the most important factors to get buyers interested in a property. Price a home too low or too high, and you risk driving away potential buyers. Here are some tips for selling your home, especially when dealing with Texas real estate listings:
Survey competitor listings
Spend some time looking at comparables. Doing so will help you see things from the buyer’s perspective and better grasp what price points will be most attractive for them. Use comparables to dissect your property’s features vis-à-vis the competition’s.
Another way to compare properties is to tour active home listings, at least virtually. This’ll give you an idea of what buyers will and won’t like based on your own opinion of the properties you’ve seen.
Acquire a CMA
Real estate agents can provide a CMA (Comparative Marketing Analysis) – a compilation of recent sales for homes nearby. Look for homes that are within a half-mile radius. Check for those that have been listed within the past 3 months, are about as old or as new as your house, and have a square footage within 10% of yours.
A CMA can help you spot patterns that will allow you to piece together exactly what buyers are looking for in your particular area. This way you’ll have a better idea of what you can improve on in your own home so that it sells at just the right price point.
Look at withdrawn or expired listings
Instead of looking at what worked and resulted in a successful sale, look at what didn’t. Ask about the history of home sales in your area and find out about any expired or withdrawn listings. Studying why homes in your area didn’t sell can help provide insights on what NOT to do.
Make Use of Strategic Price Points
Retail stores often use strategic price points – such as $4.99 instead of $5 – to make items appear more enticing to consumers. To get more offers for your property, you can apply the same concept when pricing your home.
Offer incentives to buyers
When potential buyers have narrowed down their choices to a handful of properties – yours among them – it may help to give them a little push towards your listing. Incentives like paying for closing costs, buying down the loan interest rates, and making additional repairs could possibly encourage them to lean more towards picking your home.
Don’t shy away from learning experiences and criticism
Another thing can allow you to rise above the fray is your ability to take criticism and readjust your strategy accordingly. Listen to your listing agent’s suggestions, from pricing to curb appeal.
Keep in mind, however, that not all listing agents are created equal. Hire an experienced agent who knows the lay of the land intimately.
Are buyers rejecting your price?
No matter how much time your agent may have spent on developing a marketing plan for your home, success is not always guaranteed. If there aren’t any buyers viewing your property on a regular basis, this may be a sign that the market is rejecting your price. In this case, you may need to reconsider your asking price. If there, on the other hand, quite a few buyers have checked out your property but haven’t made any offers, something other than the price may be turning them off. It’s best you investigate further.
Consider staging the home
A simple way to attract buyers is to stage your home. People can be very visual, especially so given today’s digital landscape.
With the marketplace being more crowded than ever, staging can help you gain the edge over competitor listings. Sometimes, it can be difficult for buyers to tell how the rooms in the home can be maximized. Some may look at an empty house and think it to be bigger than what they are looking for. Staging a house can help them gain a better sense of the space. Setting up a visually-appealing online gallery can help your home sell faster. Staging your home can also be beneficial when a buyer takes the time to physically visit the home.
If you want more tips on listing your property for sale in Texas, contact Berkshire Hathaway HomeServices (BHHS) Caliber Realty. Call 979.694.8844 or email your inquiries to sales(at)bhhscaliber(dotted)com.
