Pricing Homes Strategy | How to price your home | Houston TX

It’s hard to see your home through an objective lens when it comes to pricing. According to a survey, 29% of sellers think that their homes are worth more than what they actually are. And while this may be true, it’s ultimately the buyer who will decide how much your home is worth and buyers make their decisions using data To get an accurate picture of your market, the famous Zestimate or appraisal value simply won’t do. Instead, you need to analyze the data of actual homes that sold in your neighborhood in the past 4-6 months. In the Houston Association of Realtors MLS, which stands for multiple listing service, you can find the images of these homes which can be valuable points of comparison to yours.

When sellers price their home too high

If you price your home too high, you will kill the traffic and miss out on the highest number of potential buyers during the first two weeks of the listing. Also known as the most critical time to be on the market. Homes that sit on the market longer than a month typically sell for 6% less than in the first weeks when your listing is fresh and interest is very high.

When sellers price their home at market value

If you price your home at market value, you will likely generate great traffic within the first two weeks and avoid price reductions. You also prevent issues with appraisals down the line. Sellers who price at market value can expect to sell and close to asking price in an average of 21 days, depending on the market.

When sellers price their home below market value

If you price below market value, you will most likely create a huge buzz leading to multiple offers and driving prices higher than market.

While pricing is only one of the many strategies in selling your home, it’s one of the most critical ones. Thinking about putting your home on the market? Contact the Houston Broker Team today to discuss your pricing strategy.

Houston Broker Team
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