Updated: Oct 12, 2022
Photo Copyright : lightfieldstudios / 123rf.com
Home sellers never have a second chance for a first impression. See this slideshow - Tips to Selling Your Home.
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
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 EXP, we help set you up for success from the start.
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.
Study Your Competition
Even within single counties or metros, your neighborhood could perform significantly differently than surrounding areas. 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
EXP agents combine their experience and data from their market research 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.
All real estate is local. In order to make confident real estate decisions, we believe it is important for you to have timely and neighborhood-specific information. If you would like more information about buying a home in NC, our experts at EXP Realty are here to help. Contact us today to speak with a EXP agent about buying homes or land in North Carolina.