- How to Price Your Cape Cod Home
How to Price Your Cape Cod Home
Pricing your home to Sell is a fine balancing act and one of the most important parts of the selling process.
In order to get a Buyer - you must think like a Buyer!
Ask yourself "what would I honestly pay for my house in this current market?"
What are the things that you value in a home? Is it a large yard, an updated kitchen or a view? These are likely the same things that your buyer will value as well. Likewise, if your property has issues - recognize them and price accordingly.
Your price should reflect how your home compares to the other homes offered for sale in your area. Buyers will find objections to any home, as none is perfect, but it is curious how quickly objections disappear when the price is compelling.
Remember that every other house on the market in your price range is your competition, not the buyers. The goal is to beat out the other homes on the market so that your home gets the attention, a strong offer and ultimately sold.
Abandon your personal point of view. Unfortunately, Buyers don't care how much you paid for your home, how many memorable moments you and your family have shared in the home, how much cash you need for the downpayment on your next home or how much time and money you've invested in hardwood floors, fresh paint, lush landscaping or other improvements. These improvements may attract a buyer to the overall "package" of your house but will probably not inspire them to over pay for your home.
In most cases, making a smart deal and getting the best price comes down to studying your market and being an educated seller. Look at comparables for similar houses. Study prices and sales for one year ago, six months ago, three months ago and current homes on the market. Do not confuse active listings with past sales. Active listings have not sold. They are just your competition. It is important to be aware of your competition's pricing, but this is often just an indication of what your home won't sell for.
If you overprice your home - a bank for the Buyers may not appraise the house for the purchase amount and you may find yourself renegotiating the price or your house could go back on the market which wastes time and could result in people watching your home to think "why didn't it sell? What is wrong with it?"
React swiftly and decisively. If your home is on the market and is not being shown or if you receive feedback that you are priced too aggressively, don't hesitate to adjust your price.
Bad news, like spoiled milk, doesn't get better with time.
Understand how buyers search: More than 90% of buyers start their search online and most search engines create artificial price 'breaks' in even amounts of $10,000, $25,000 and $50,000 increments. If you are one dollar over those breaks, you lose out on a tremendous number of potential buyers.
Sweeten the transaction terms. Some buyers have needs that go beyond the bottom line. If you're willing to close escrow quickly, you'll attract buyers who want to move in right away. If you can offer seller-financing, your home will appeal to buyers who need to stretch their financial resources. A lease-option can help first-timers who need downpayment assistance. The more creative and flexible you can be in meeting the buyer's needs, the more success you'll have in pricing your home to sell.
Contact us for a confidential free market analysis and start packing!
One Ellis Landing Rd, Brewster, Ma 02631
P.O. Box 57, Chatham, MA 02633