Pricing your home is one of the most crucial steps when selling a luxury home. There are countless approaches to take to this stage, depending on where you live, the state of your property, and what your priorities are. Experienced realtors, like those from the Rebecca Francis Team, know how to look at all of the necessary factors to understand what a “fair price” is for your situation. Keep reading for three universal strategies to consider when deciding on an appropriate price for you.
- Price to the data. If you want to price according to trends, look at all the available data from your market. See what similar homes are listed for and use this information to set your home at a comparable price. This is a great method when you want to get enough buyers through the door to sell within a reasonable amount of time.
- Price above the data. This is also known as aspirational pricing. Even though you know that your price is slightly higher than what comparable homes have sold for, you are willing to take the risk and seek a higher reward. This means your house might not sell as quickly, but you hope that the right buyer will come through the door who knows that your home is their dream home and wants to buy it.
- Price below the data. This has been quite common over the last two years. Setting a price slightly below the average for similar homes will ensure that many buyers will come through the door, hopefully leading to multiple offers. Having multiple offers could even lead to a bidding war, and you could get more than what you originally listed at. Just like pricing above the data, pricing below the data is a risk, but it can have a high reward.
No matter which type of seller you decide to be, professional help is key in navigating the luxury real estate market. The Rebecca Francis Team is experienced, knowledgeable, and ready to help you sell your home. Please contact us here.