Setting the right price is the most crucial factor to nail down if you want to sell your home as quickly as possible. It’ll make all the difference between having a fast, efficient, and painless experience or a drawn-out nail-biting one. Below, we’ve listed some of the best pricing strategies to help sell your home faster.
Price Below Market
Even though it might feel a bit unsettling to price your home below market value, it’s often one of the best ways to set it apart from the crowd and lure in more buyers. Remember, just because the price is lower, it doesn’t mean that’s the price you’ll end up with. In most cases, this pricing strategy attracts multiple buyers, which typically creates a bidding war. So you’ll have a pool of buyers vying for your property, edging up the price. This is a great strategy in a hot market.
Leave Your Emotions at the Door
When it comes to setting the right price, it’s important to leave your emotions out of the equation. Even though it’s been your home for a significant amount of time and holds sentimental value, don’t let this blur your objectivity when selling. Be sure to listen to your agent, who has the expertise and advice to get you top dollar in the least amount of time possible.
Comparative Market Analysis
You can learn what the market value of your home is by using a comparative market analysis tool. This compares your property to others within your neighbourhood that are similar and have recently been sold. A comparative market analysis is an ideal method to refer to for gauging your pricing strategy since it will factor in the “true” value and price that will draw in the most amount of buyers. You can use this initially to determine the market value of your home and then discuss it with your agent to come up with a suitable price to settle on.
Consider the Time of Year When Pricing
When it comes to the market, timing can really influence the price. This is because buyers tend to be more actively looking to purchase in the warmer months as opposed to the winter months. As such, the pricing should reflect this. Understanding peak periods in your local market is important for feeling confident in your pricing strategy so you can know when the demand is high. However, for a quick sale, pricing modestly is usually the best way to go, so always keep this in mind no matter the season.
Be Willing to Adapt
If you land on a listing price, but it doesn’t end up attracting any bites, you will likely have to reassess your pricing. Being flexible and willing to adapt is often a crucial factor for getting your home sold fast. Make sure you’re open to reducing your asking price if need be.
Round Your Price to a Favourable Number
If you’re planning to list your property online, consider that many platforms let buyers filter their price range. This is important to be aware of since you could end up missing out if your price is five or so thousand above what a majority set the max price range at. Even if you have to sacrifice a few thousand, it could be well worth it if you want to sell your home as fast as possible. It could be a smart way of getting your property in front of a much larger pool of buyers.
Consult with Your Agent
Agents are well versed in the market value, peak periods and the best pricing strategies for achieving your desired outcomes. So when in doubt, it’s best to consult with a qualified real estate agent who can guide you and lend their expert advice.