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The Importance of Competitive Pricing

One of the most important aspects of marketing your home is setting a realistic and competitive asking price. In addition to assessing the good and bad points of your home, you must have an understanding of the local housing market in order to set a competitive price.

You may find it helpful to review the following points affecting the pricing of your home:

Factors Affecting Your Asking Price:

Location, square footage, and condition of your home
Level of demand for homes in your area
Amount of competition in your price category and area
Recent sale prices of homes of similar size and in a similar location
Availability of financing and interest rate levels
How quickly you need to sell
Whether you need to sell in order to finance the purchase of another home

Factors that Don't Affect the Asking Price:

What you originally paid for your home
The cost of improvements you have made to your home
What it would cost to build your home today
How emotionally attached you are to your home

Dangers of Overpricing:

Qualified buyers won't consider your home, believing it to be financially "out of reach"

Your home is on the market a long time, growing "stale," and increasing the perception that there is something wrong with it

The highest and best offers usually occur in the first 30 days of listing your home. An overpriced home misses out in this crucial time period.

Your home helps similar homes that are priced more competitively to sell faster. It demonstrates these other homes offer a good value.

Lowering your price later on gives the impression that your home is "unwanted"

Realtors, for information

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