In real estate, we often hear what matters most is “location, location, location.” There’s another element about finding a home that buyers care about very much. Price. If a home is priced beyond their budget, they won’t even take a look.
Thus, one of the questions I get asked most often is “What is the best price to list my home for sale?” Should we price it below market value in the hopes it will sell quickly? Start out higher and drop if no buyers bite?
My answer? It depends. Getting a great price for your home requires a sound strategy, customized to your situation. It also requires careful preparation so that your home is in tip-top shape before going on the market.
Data and decluttering
My best advice is to plan to work with an experienced realtor, one who has an in-depth understanding of the current market. A recent client, Patrik J., of Rye, said receiving current market data and objective advice was tremendously helpful in preparing and pricing his home for sale.
“We had a laundry list of things to do to prepare our home for the market,” he recalls. “Fiona went through our house and gave us a to-do list, including changing out the countertops and a major decluttering. It was a comprehensive list to make the house presentable. When you’ve lived in a house for a long time, you no longer have a critical eye. So Fiona’s advice was critical. Well, we accomplished most of what was on the list. I have to say, the newer look was much nicer, fresher, cleaner.”
My recommendations put my client way ahead of the competition. While Patrik working on his house, I was analyzing comparable listings, pending sales, active listings, and other relevant real estate data. I presented the information to Patrik and his wife and we discussed strategy. Their objective was to price the house well — and to price it to sell. We did our homework and set an attractive price that reflected the home’s value and the current local market conditions.
After the house was updated and refreshed, we set an optimal price and listed their property.
“We had three bids in the first week,” Patrik notes. “Our accepted offer was close to the asking price. We trusted Fiona’s recommendations and that really worked out well for us.
“What’s great about working with Fiona? She is a pro. She knows what it takes to sell a house and will tell you what she thinks. She had a really good understanding of the market and how to prepare an older house for sale. I don’t know any other brokers who are that hands-on.”