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When it comes to selling your home, you're likely to get all kinds of advice from people who might be well-meaning, but do not have the knowledge necessary to really guide you on pricing your home. There's no question that this real estate market is challenging for many home sellers, especially if they don't know the ins and outs of pricing their home to sell.
In this article, I want to go over my three ninja tactics to defend your price when selling your home. Forget everything that you think you know about pricing your home, and implement these strategies. You will be head and shoulders above your competition.
Tactic #1: Homework
The first tactic is to do your homework. What I mean by this is that you have to know every available competitor in your marketplace. You need to study and to view every home that is competing with yours. Look at their price, how long they've been on the market, their motivation for selling, the price they started at and at the condition of the home.
It's important to note that you don't need to just look in your own immediate neighborhood. You should go out to competing neighborhoods within 5 miles of your home. This is especially true for new construction if there is any available that would compete with your property.
Tip #2: Perceived Value
Tip number two is that you need to consider your home's perceived value. Think about when you purchase a certified pre-owned vehicle. It's very likely that the dealership purchased the vehicle at wholesale prices on the auction block just a couple of weeks before it's sitting out on their lot for sale. However, they can often ask 25% to 40% more for the vehicle than they paid simply because they certify the vehicle.
They clean it up, do a thorough inspection and fix the problems with the vehicle before they put it up for sale. This gives potential car buyers some peace of mind when looking at the vehicle. Buyers will pay a premium price for this kind of service.
The same can be said for home sales. You should get an inspection before or just after listing your home. That way you can go ahead and do repairs on the property in advance. Instead of waiting for a buyer to find problems, take care of the issues before they even see the home. You should also offer a home warranty and stage your home so that it puts its best foot forward.
Tip #3: Good Pricing Strategy
My final ninja tactic for defending your price is too learn a good pricing strategy. Most inexperienced agents will tell you to leave room in your price for negotiating. My advice is not to leave room, but to hire someone who will hold on to every dollar that it's worth. A good agent who is also a good negotiator is worth their weight in gold. We have a free report about pricing that you are welcome to download.
In closing, realize that 60% of homes in our market are not selling. Of the 40% that are selling, 20% of those have required price reductions. They take three times longer to sell and are reducing their prices by an average of 12%.
You want to be among the 20% of home sellers in our market who price right at the beginning and use these ninja tactics to get as much money as possible out of their home.
