Sunday, June 11, 2023 / by Steve Ticknor
Pricing Strategies That Help Sell Homes
Use CompsAlways, always look at recently sold homes in your neighborhood. Only use comps similar in size, age, and proximity to yours. Your Lake Havasu real estate agent can conduct a Comparative Market Analysis (CMA) for you. Not only does the CMA show what homes sold for how much, but it also may include photos (to see what condition they were in), a listing description, and market trends for the area. All of this data helps you determine a reasonable list price for your home.
List Slightly Below Market ValueAnother one of the pricing strategies that we have found effective is to list your home for slightly below market value. "But Steve. Why would I do that?" Because it opens up the buyer pool to more people. This increases traffic through your door. More traffic means more potential to find a great buyer. Also, buyers may consider your home over another one on the market simply because it is priced lower..even if that is only by a couple thousand dollars. In turn, you might receive several bids for your home, which may drive up the final sale price. However, be careful. Instead of prompting multiple offers, you may only receive one at the lower list price or even slightly below that. Discuss both the pros and the cons of this with your REALTOR® before choosing this option.
Price to the NinesMany buyers jump on the internet when looking for a Havasu home. One of the things included in an online search is a price range. Now, let's say you list your home for $350,000. The price range options for an online search range from $300,000 to $349,999, $350,000 to $399,999. A buyer wants to see homes listed between $300,000 and $349,999. Your property at $350,000 falls just outside that range. But, if you lowered your price by even $100, your home shows up on that buyer's search. Psychologically, $349,900 sounds so much cheaper than $350,000 as well. That appeals to a buyers' bargain-hunting sensibilities. It could also open up many more buyers to your listing than those who may have seen it at the (slightly) higher price point.
Keep the Season in MindFor Lake Havasu, early spring seems to be the time when buyers purchase more homes. So, you might consider listing your property for a little more. During a less busy time of year, a lower list price may entice buyers to consider your property for their own. Even so, you also need to consider the type of market you currently wish to list it in (ie, a buyer's market, seller's market, or a balanced market). Your real estate agent can help you determine which one we currently experience.
Sunstone Real Estate Group at Coldwell Banker Realty, Lake Havasu City, AZ