Pricing your Louisville, KY home is both an art and a science. It takes experience, in-depth market knowledge, and full access to timely market information to accurately price a home. There is no formula, only objective analysis of the current market. You also have to weigh your personal motivation as a seller. Are you willing to wait for a higher price? Is the lending market going to affect your strategy? How much equity do you have to work with to sell?
Click here to learn 5 Pricing Tips for Selling Your Home.
How is the market value of a home determined? Market value is determined by the presence of a ready, willing, and able buyer. More directly, you must have a buyer who is motivated to purchase, who has access to the capital necessary to make the purchase, and who is able to successfully make it through the closing process.
As a seller, you are somewhat at the mercy of the market in regards to pricing. If the supply of homes increases and demand does not increase, then home values will be negatively affected. If the supply of money available to motivated buyers is reduced, again home values will be negatively affected. Of course, the opposite is true as well, so you must make realistic observations about the current market that affects your home when determining a pricing strategy.
I approach pricing as a balance between the seller's needs and what the market has to offer. I thoroughly interview my clients to determine their goals, and then utilize my experience and market analysis to arrive at an accurate offering price. In determining a price, we also investigate incentives to offer a buyer in an effort to entice an offer. This could include offering to purchase a one-year home warranty, offering a decorating allowance, offering to help with closing costs, or some combination of those items.
I will completely honest with you as a seller and tell you I am not going to reveal all of my pricing strategy techniques and secrets on a public website because I think it undermines your negotiating position. If you are interested in the reasoning, analysis, and a full explanation of what I do when helping a seller determine an offering price, contact me to schedule a private meeting.
The simple fact is, price is the major factor that most home buyers use to determine which homes they want to view that we can control (location is usually fixed). Therefore, we must make every reasonable effort to be close to an acceptable market price for your home from the outset.
What really matters is how your home stacks up against the others currently offered for sale and recently sold in your neighborhood. Buyers will be comparing in the same manner we did to determine your offering price. Plus, the advent of the internet has placed a huge amount of control and power in the buyer's hands. Some buyers are going to be as familiar and educated about the market as a Realtor®, and will quickly ignore a faulty offering price.
As you can see, pricing involves several factors that must be carefully weighed before offering your home to the public. I will bring you all available market information to help you determine your offering price. I will guide you through the information and help you find a balance that suits your needs. We will work together as a team to sell your home for the most money possible, under the most favorable terms, in a reasonable amount of time. I look forward to helping you with this exciting transaction!
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