Selling your home takes a lot of time and energy to get everything ready for the market, and pricing your home competitively is definitely part of the process.
In order to make sure your home sells quickly for the right amount, we’re ready to show you how to avoid over pricing your home in Boston.
HIRE AN AGENT
The first big step to ensure you price your home accurately is to hire a qualified and experienced real estate professional to help when pricing your home for sale in Boston.
You don’t necessarily want to work with the agent who suggests the highest price. That might sound counter-intuitive, but often the market will set the price, and the agents who do their homework will present you with a Customized Property Value Report completed through researching the marketing, reviewing recent sales, evaluating the other listings available and days-on-market, and many other factors.
Obviously, we’d love to work with you here at NextHome Titletown Real Estate, but most importantly you should figure out who is the best fit for you and your specific situation. Before you choose, meet with a few in order to discuss your home and get a feel for if the agent will be a good fit for you and your property. This gives you the perfect opportunity to ask any questions, and you could even see if they are willing to negotiate the commission.
Having the right agent alongside you through selling your home will make a huge difference from start to finish, and shopping around until you find someone with which you are comfortable is key.
RESEARCH OTHER SALES
Once you’re ready to try zeroing in on the right price for your home, the best way to handle pricing is the same way any agent would: neighborhood comps.
Neighborhood comps – short for neighborhood comparable sales – is the process of researching the sale prices of any homes in your surrounding area that are similar to your own. By seeing how much these homes have sold for, it gives you a much clearer picture of what to expect and to avoid overpricing your home. You can check out online prices pretty easily to get a broad sense of where you will be pricing your home, but you should lean heavily on your agent’s recommendations (assuming they showed how they came to their suggested price).
Keep in mind that those buyers will likely do the same thing to have a good idea of how much to bid on your property.
While neighborhood comps help establish a sort of baseline expectation for pricing your home, there are some factors that are a little more fluid.
First, the real estate market is not unlike any other financial market, and it fluctuates regularly. This is affected by all kinds of factors, including real estate interest rates, inflation, and local land values. And as we saw in 2020, an unknown factor such as COVID-19 can create unexpected impacts which often differ market-to-market (one suburb’s bidding wars were one city neighborhood’s price reductions).
Considering everything that is involved, understand that buyers are extremely likely to bid under your asking price if they perceive to have a negotiating advantage. This means mentally and emotionally preparing yourself for those bids, and then letting your agent assist in negotiating to find a common ground.
Of course, that’s not always the case.
If your agent is able to creatively market your listing, drive demand, and hold a gangbusters Open House filled with potential buyers, you might be lucky enough to receive multiple offers at-or-above your asking price.
CONSIDER YOUR UPDATES
Through the years of living in your home, chances are you took it upon yourself to do some updates and upgrades.
Some of these may have left you feeling very satisfied, but beauty is in the eye of the beholder.
Potential buyers may be happy with any upgrades you spent your time and hard-earned money on, but that doesn’t mean they’re wanting to pay substantially more for them.
Return on investment is the key to remember here, and there are very few areas in your home that will provide a positive boost to your sale price.
If you’re wanting to find that one magical area in your home to boost the sale price, focus on your kitchen. It’s common to spend a good amount on renovating a bathroom or finishing a basement only to find out you are overpricing your home in the end.
KEEP IT PROFESSIONAL
The last big tip to remember to prevent overpricing your home is to keep things professional.
This means trying to be as objective as possible, and putting yourself in a buyer’s shoes to see how your sale price feels. It’s very easy for you to overestimate the value of your home because it means more to you than the potential buyers coming in and taking a look.
Try a price on while removing your personal feelings about your home to get a better perspective on the overall situation.
Help to Avoid Over Pricing Your Home in Boston
There are few things as damaging to the sale of your home as pricing it unrealistically. If you think you may be over pricing your home, contact us at NextHome Titletown Real Estate today at (617) 657-9811.
Just Hit the Market in Boston!
The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein.