Last Updated on June 8, 2023
Home sellers never have a second chance for a first impression.
There are fewer statements more true than this one in real estate. First impressions take place online long before buyers ever visit your home. Buyers who do visit have shopped, compared, and will buy based on quality and value. Overprice, and you’ll never know how many offers you missed.
Don’t let overpricing your home result in frustration. Avoid roadblocks by understanding how the market establishes value. Here are three keys for selling your home quickly and for the most money by pricing it correctly for your market.
Understanding the “30s” of selling your home
When pricing your home to sell, it’s important to understand the three “30s” of selling:
- 30% of buyers
- 30 days on market
- And 30 days before discount
By understanding these important keys for pricing your home, you can better understand how to set your home listing up for success.
Why +10 equals -70
Marketing and pricing your home well are critical to your success. In fact, setting the right asking price is imperative! Statistically speaking, even pricing at market value doesn’t guarantee exposure to 100% of home buyers. Overprice by even 10%, and only 30% of house hunters will consider your home at all before eliminating it online.
Why your listing time matters
Your first 30 days on the market are critical for maximizing the number of your home showings. As time passes, you’ll receive fewer and fewer showings because eager home buyers have already seen your listing available. This happens sooner than you think—your showings will slow down dramatically after only the second week. In order to capture your best buyers, make sure your home is ready for viewing as soon as it hits the market.
Why you need to be ready to sell fast
Every 30 days your property spends on the market, you’re walking away with less money at the closing table. As time passes, you’ll need to discount more and more to attract potential buyers. Concentrate on your marketing efforts as soon as your home is listed to avoid this dilemma. At Allen Tate/Beverly-Hanks, we help set you up for success from the start.
Study your neighborhood market on our Market Research Center
So, after understanding the keys to the “30s” of selling, how do you know what the “correct” price is for your home? Just follow these simple steps:
Understand that the market determines your home’s value
Determining market value of a home can be difficult. Factors that contribute to your home’s value include location, size, style, and condition. Each component incrementally adds up to the price a buyer is willing to offer. In other words, neither sellers nor real estate agents determine a home’s worth—the market determines your property’s value.
Our agents help you identify the components of value and determine how to best configure each to obtain the highest possible market price.
Rely on detailed data from our Market Research Center
Allen Tate/Beverly-Hanks agents combine information about your property, their professional experience, and comprehensive neighborhood data from our Market Research Center to establish a price range within which your home is likely to sell.
Across Western North Carolina, Allen Tate/Beverly-Hanks helped our clients buy and sell more than $1.75 billion in real estate last year, providing you and your agent with a lot of market data to consider!
Study your competition
Even within single counties or metros, your neighborhood could perform significantly differently than surrounding areas. By using our comparison tools on our comprehensive community pages, you can study the competition in your neighborhood and see how other properties compare to yours. Take a look at homes on the market, properties that have recently sold, and properties that have been rejected by the market (homes that failed to sell). All of the details for both listed and sold properties are available, helping you effectively position your home against similar properties.
Determine your listing price
After considering all of the market data, select a listing price from the range you and your agent established. The price you select must encourage as many home buyers as possible to view your home online and, ultimately, in person.
In real estate, there’s a very simple formula for ensuring your home’s sale generates the most amount of money for you.
The simple formula for pricing your home to sell for the most money:
Price your home to sell now
Allen Tate/Beverly-Hanks agents combine their experience and data from our Market Research Center to help you properly price your home. For as long as your home is on the market, we’ll provide timely updates so you stay abreast of changes in market conditions. If necessary, we’ll recommend refinements to account for recent sales and new competition.
Learn how to get your home more views, more showings, and more offers—which means more money for you! Request an Allen Tate/Beverly-Hanks Seller’s Guide and Workbook from your real estate agent today!
All real estate is local. In order to make confident real estate decisions, it’s important to have timely and neighborhood-specific information. Contact us today to speak with an Allen Tate/Beverly-Hanks real estate agent about selling homes and land in Western North Carolina.
