Here’s what an agent will consider when pricing your for-sale home.
How do we determine the listing price of a home? Well, we hire 10 different appraisers, put all those reports into a magical hat, and… I’m kidding.
The point is that if we hire 10 different appraisers, we’ll get 10 different opinions. Appraisers evaluate a house very mathematically: price per square foot, is there a fireplace, how large is the garage, is the basement finished, etc. They aren’t looking at the color of the walls, and the condition doesn’t come into play as much as whether or not the kitchen has granite countertops. I used to sell many foreclosures for banks, and it was incredible to see what would sell; a foreclosure would sell because people want to say they got a great deal, but a similar home next door in perfect condition wouldn’t sell.
To price a house, appraisers don’t ask the seller how quickly they want to sell. Even though your property may appraise for $500,000, if you want to sell within a week, that price might not achieve that goal. A consultation with a professional real estate agent is when you’ll share your timeline, and we’ll compare your home to others on the market.
Ultimately, the listing price is determined by your goals, your timeline, the comparables, absorption rate, supply and demand, and more. We look at all these factors before deciding on a list price so that it fits with what you need. Then we’ll market your house, get massive exposure, and stage it to help you sell quicker and for more money.
If you have any questions about selling or real estate in general, call or email me. I would love to help you.