{"id":5972,"date":"2020-02-14T07:23:19","date_gmt":"2020-02-14T12:23:19","guid":{"rendered":"https:\/\/dankrell.com\/blog\/?p=5972"},"modified":"2020-02-14T07:23:25","modified_gmt":"2020-02-14T12:23:25","slug":"about-your-list-price","status":"publish","type":"post","link":"https:\/\/dankrell.com\/blog\/2020\/02\/14\/about-your-list-price\/","title":{"rendered":"About Your List Price"},"content":{"rendered":"\n
\"list<\/a>
Where are home buyers finding their homes?
(infographic from nar.realtor)<\/figcaption><\/figure><\/div>\n\n\n\n

When you\u2019re selling a home, a consequential decision is your list price and pricing strategy.\u00a0 Deciding on your price can be confusing because, sometimes, what you hear from the media is not exactly what your real estate agent is telling you.\u00a0 Additionally, making matters worse is hearing disparate information from different real estate agents.<\/p>\n\n\n\n

For example, your home\u2019s market value<\/a> is not the same as a list or sale price.\u00a0 It\u2019s a common mistake to assume that your home will sell for \u201cmarket value.\u201d\u00a0 However, market value is an appraisal term that describes a probable price that a home buyer would pay in any given market.\u00a0 Market value can vary depending on the scope and purpose of the appraisal.\u00a0 Knowing the \u201cmarket value\u201d for your home can build up expectations for your sale that may not be realized.\u00a0 However, until you do an analysis of comparables and market conditions, you won\u2019t have a realistic list price.\u00a0 <\/p>\n\n\n\n

Adding\nto the confusion is hearing that your list price may not necessarily be the\nsale price.  In a buyer\u2019s market, your\nsale price could be less than list price. \nIn a seller\u2019s market, your sale price could be more than list price. <\/p>\n\n\n\n

There\u2019s\ndefinitely a science when deciding on a list price, where you can work with\nreal numbers.  Unfortunately, the\n\u201cscience\u201d of home pricing is inexact. \nDetermining a list price is much like baking cookies.  The end result is similar, but expert bakers\nhave their own recipe.  So, although\nlisting agents don\u2019t always agree, there\u2019s some commonality in determining a\nlist price.  And much like baking, some\npricing \u201crecipes\u201d are better than others.<\/p>\n\n\n\n

Part of the inexact science of home pricing is creating a market analysis.\u00a0 The market analysis<\/a> will guide you in deciding a list price by providing a price range.\u00a0 Although there are basic guidelines for collecting data, agents don\u2019t always agree on the process.\u00a0 However, once you pinned down a price range, then you can decide your pricing strategy by considering your selling motivation, the economy, and housing market conditions.<\/p>\n\n\n\n

Basically,\nthe market analysis is deciding which recent sales are most similar to your home.  The best comparables are homes in your\nneighborhood that sold in the previous three to six months.  The homes in your neighborhood are likely\nvery similar to yours, and recent sales are an indicator of market conditions.  However, it\u2019s common to go outside your\nneighborhood when similar neighborhood sales are not available.  These comparables provide a price range.  The more adjustments made to comparable\nsales, the less exact your analysis.<\/p>\n\n\n\n

Besides\nlooking at recent sales, you should also look at neighborhood homes that are actively\non the market.  Active home sales are\nyour competition.  These sales can reveal\nadditional market conditions by comparing price and days on market with your\nsale comparables.  You should also\nconsider recent withdrawn and expired sales because they provide insight about pricing\nstrategies that may not work in the current market.  <\/p>\n\n\n\n

Your pricing strategy <\/a>is how you decide to position your home in the market.\u00a0 Your goal is to sell for top dollar and least amount of time on market.\u00a0 In determining your pricing strategy, you need to consider your competition, as well as your motivation, economy, and housing market conditions.\u00a0 Also remember that the list price may have to be adjusted as days on market accrue, while keeping an eye on your competition.<\/p>\n\n\n\n

Original article is published at https:\/\/dankrell.com\/blog\/2020\/02\/14\/about-your-list-price\/ <\/p>\n\n\n\n

By Dan Krell
Copyright\u00a9 2020<\/p>\n\n\n\n

If you like this post, do not copy; instead please:
link to the article<\/a>,
like it on facebook<\/a>
or re-tweet<\/a>.<\/p>\n\n\n\n

\"Protected<\/a><\/figure>\n\n\n\n

Disclaimer<\/a>.\n This article is not intended to provide nor should it be relied upon \n for legal and financial advice. Readers should not rely solely on the \n information contained herein, as it does not purport to be \ncomprehensive or render specific advice. Readers should consult with \nan attorney regarding local real estate laws and customs as they vary \nby state and jurisdiction. Using this article without permission is a \nviolation of copyright laws. <\/p>\n","protected":false},"excerpt":{"rendered":"

When you\u2019re selling a home, a consequential decision is your list price and pricing strategy.\u00a0 Deciding on your price can be confusing because, sometimes, what you hear from the media is not exactly what your real estate agent is telling you.\u00a0 Additionally, making matters worse is hearing disparate information from different real estate agents. For … <\/p>\n

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