Home Selling Tips

The Dynamics of Pricing

Selling a house for the right price is one of the most important house selling tips on the market today. List your flip house or condo at the wrong price and risk no interest or unqualified leads. Therefore, here are some tips that will assist in pricing your home or flipping investment property at the right price.

Do the Research
Before discussing list price options with your realtor, it’s wise to get a handle on what other places are selling for in your area. Whip-up a quick spreadsheet of square footage, feature and finishing comparables and see what you’re competing against. This way, when you see all the like properties listed side by side, you’ll gain a better idea of how to price your place according to its unique attributes.

Watch the Market
In addition to monitoring comparables for the purpose of setting a list price, it’s also a good idea to watch the market to see when pricing peaks and plummets depending on the property, time of year, or intensity of the market. You may find that listing your place as few as two months apart could mean the difference between ten thousand dollars or more.

Consult your Realtor
Once you’ve done the research, watched the market and come up with a price range you think would be ideal, don’t completely make up your mind until you consult your realtor. Realtors have the tools, expertise and experience to determine a fair price range and if they say your price is either high or low, take their suggestions into strong consideration –because setting accurate pricing is part of what they get paid to do.

Watching the market, reviewing the comparables and consulting your realtor will put you in a much more educated position to list your home to sell. Sellers who don’t understand the reasoning behind their list price are liable to be fleeced by savvy buyers who are confident in their understanding of the market. Knowing your pricing, your market and your competition, you’ll have a greater advantage over those who blindly put their property on the market and don’t take the time or energy to do a little research.