“I Don’t Think I Like What the Market Is Saying”
When it comes to pricing a home to sell, here’s the bottom line at the top of the page:
You don’t get to decide what your house is worth.
I don’t get to decide what your house is worth. The ‘Market’ decides what your house is worth. Your house is worth what people are willing to pay for it. Period. I once told a client, whose house was a bit overpriced and had lingered on the market for 3 weeks with little activity, that ‘the market had spoken’. She smiled and said, “I don’t think I like what the market is saying!”
I take home pricing very seriously. It’s a big deal to me as your agent. The price has to be realistic, taking into account all the pros and cons of the house. Location is always key (and with that comes school district). Size, updated systems, renovations and improvements, parking, architectural features and the land all come into play when pricing your home. My job is to get you the most money possible from the sale of your house. (Unless, of course, you tell me to sell it quickly and at any price.)
Comps can be seasonal and are always changing. Sometimes, there just aren’t any comps for your house. If you’re located in a neighborhood where nothing has sold in 3 years, or there isn’t another house within 10 miles that has been renovated like yours has, or you live in the middle of nowhere… it’s going to be tough to get good comps. In those cases, pricing tends to be more intuitive.
So, when pricing a home, the best advice I can give to homeowners is this:
- Listen to your agent. She has a wealth of information on what homes have sold for and why.
- Be realistic. Everyone thinks their house is the greatest house ever, but be sure you’re not letting your emotional attachment cloud judgement.
- Be flexible. Be willing to listen to what the market tells you and act accordingly.