Accurate Home Pricing Strategies for Your Grand Rapids Property

Accurate Home Pricing Strategies for Your Grand Rapids Property

I get asked nearly every single day about pricing. Clients always want to know the best strategy to get their home priced correctly, so due to popular demand, I will now be revealing how this can be accomplished. 

A lot of people often get pricing wrong, and it’s either due to bad advice from an agent or sellers want to start at a high price and reduce later on (which typically doesn’t work). 

When your home is priced right from the very beginning, you capture the attention of more online buyers. Most online home searches have price brackets, so after you do a comparative market analysis or a competitive market analysis, you can find that perfect range that will attract buyers to your property.

If you’ve found the optimal price range for your home, it will do a few different things for you. 

• You will attract more buyers: The more eyeballs on your home, the better. This increases showings, which will hopefully increase the amount of offers on your home. If all of these things happen, you have a great chance of getting top dollar on your home. 
  • If you price incorrectly, buyers will pass on your home and it will become stale. People will typically think that something else is wrong with the property because it’s been on the market for so long. This is a death blow to your home selling endeavor, because once this happens you are very unlikely to get a good price for your property. 
  • Also, your overpriced home will act as a justification for buyers to purchase another home.Because your home is badly priced, when they see a property that is priced well they will likely buy it. So in this case, by pricing your home incorrectly, you have helped to sell another person’s property. 
• Pricing your home high to begin with and then going low lacks velocity: What I mean by velocity is that you want your home to make a splash on the market when you list it for sale. It needs to be priced attractively to draw people’s attention. If you price it too high it will hit the market flat and you will have missed your big chance to draw lots of buyer interest. 
• Don’t forget about appraisals: If you have managed to get a buyer to put down an offer for much more than what your property is worth, don’t forget that you still have to appraise it. If your home doesn’t appraise right, you could lose a sale. This is why it is important to consult with a realtor on how to accurately price your home. 

When you are priced attractively, staged correctly, and marketed aggressively, then you have the perfect formula to sell your home at the highest price possible in the least amount of time. Ultimately you should view your home’s price as its most important marketing tool. You can attract buyers with a good price and then make them fight over your home, which should then drive up the price.