Pricing Your Richmond House to Sell
Pricing your Richmond house to sell is an exercise that is easier said than done. Settling on a price that makes sense requires equal parts of art and science. Understanding your local Richmond market and how recent comps have fared is a good place to start when pricing Richmond your house to sell.
However, much more goes into this process.
Consider the following when pricing your Richmond house to sell.
Have a Game Plan
If you are not in a hurry to sell your Richmond house you can try pricing it on the higher side to start. If you want to go with this plan understand what the execution looks like. It will help to determine up front both how many weeks you want to wait until lowering the price as well as what price you will decide to lower it to.
There are No Guarantees with a Bidding War
Yes, there are many success stories of Richmond homeowners who priced their homes below the market value and were able to spark a bidding war that helped their house to sell for well over the market value.
However, you will be well served to keep in mind that these stories are the exception and not the rule.
While pricing below market value can be a solid strategy for selling your Richmond home quickly, there is a greater chance that you will price your house below market value and it will sell for that price.
If you are going to list your Richmond house lower then you need to be willing to accept selling it for that price as well.
The True Market Value
One of the main issues when pricing your Richmond house is deciding on whether or not to come in high or low. If your house sells right away you have to deal with the fact that you most likely left money on the table. However, if your house sits on the market without an offer then you risk losing out on potential buyers that might have bought your house at a lower price point.
There is a difference between “perceived market value” and “true market value.” You might believe your Richmond home is worth “x” but the reality is that the true market value is the price that a buyer is willing to pay for your house.
The bottom line is that the Richmond buyer makes the final determination of a home’s sale price.
When pricing your Richmond house, keep in mind that the listing price that you initially establish will determine what buyers will be able to see it in their search results. If you try pricing your Richmond house on the higher end at the beginning then you could miss the opportunity to sell to buyers who could be looking for the type of house you are selling. Your listing will not even show up in their search results if listed at a price set above their parameters.
To ensure that you are pricing your Richmond house correctly, do your research and set your strategy. From there, use this information to help navigate your way through the home selling process with success.