The Importance of Proper Pricing

by : Steve Proski

What is the most important thing in relation to a sale of a home. Some people will say that it is the home being staged. Some will say that it is what the home offers or the location that it is in. Funny thing is that many people overlook the most important thing and that is that the home actually sells. Now, those other things I just mentioned are huge parts of the process of a home being sold but one thing that has not been mentioned yet is that one thing that will ensure that the home gets sold. Proper pricing. Ask any industry expert and they will likely say that pricing a home properly is one of the important aspects of a home sale. Improper pricing can easily leads to a home's stagnancy on the market which leads to many other problems down the road.

Have you ever taken notice of homes that seem to be on the market for months at a time with little to no action. If you are in the process of buying a home as well perhaps you have come across one that has been listed for quite some time. Perhaps there is nothing wrong with aside from the fact that it was overpriced when listed. However, when this happens, homes tend to acquire a bit of a stigma. Naturally, the homes that are priced in the lower to mid range in any neighborhood will be the homes that go first. High priced homes tend to be looked at a lot, but little action comes as people opt for the cheaper homes. As nice as it would be to place an emotional and historical value on your home, buyers simply will not see the point in paying for that.

When your realtor or agent performs the CMA on your home at the beginning of the sale process take that final number to heart. Think about it this way; the number your realtor came up with is the average price that buyers are paying for homes in your area. So pricing your home considerably higher will not result in sales. It will likely result in shows as people will want to see why it is priced higher than the rest of the area but sales is a different story. Pricing is a thing to be handled with great care and it will definitely determine how fast your home sells so take the time to make sure it is done right.