What You Need to Know About Home Pricing

When you’re selling a home in Lakewood or Long Beach, you want to make sure you’re pricing it properly – and that means listening to your Realtor® when he or she suggests a price that buyers are likely to pay.

What You Need to Know About Home Pricing

If you price your home too high, your home might sit on the market for months – and then, sadly, you’ll have to lower the price. Sometimes when that happens, buyers lose interest; maybe they think there’s something wrong with your home because nobody bought it, or maybe they think you’re still over-priced.

But if you price your home too low, you’re leaving money on the table. That’s cash you could use for a down payment on your next home, your retirement, or even a spectacular trip that you’ve been waiting to take.

So when it comes to pricing, here’s what you need to know:

·         What you paid doesn’t usually matter

·         Your Realtor will compare your home to others to see what it’s likely to sell for

·         Your home is worth what a buyer is willing to pay for it

What You Paid Doesn’t Usually Matter

A lot of sellers get a dollar figure in mind before they sell a home – and it’s usually more than what they paid for it, counting on normal home appreciation rates.

But homes don’t always appreciate in value, and ultimately, your home’s value hinges on many factors. Some you can control, like whether you put in granite countertops or added a bedroom. Others, though, you can’t – like when the businesses in the nearby areas close, or the school around the corner has a declining reputation.

Your Realtor Will Compare Your Home to Others

In order to receive at a good price for your home, your real estate agent is going to compare it to other homes in the same area. She’ll look at homes that have sold recently, homes that were on the market and didn’t sell, and homes that are still on the market – and they’ll all be similar in size and location to yours.  

Your Home is Worth What a Buyer is Willing to Pay for It

Your home is only worth what a buyer’s willing to pay for it. If a buyer feels that he or she can get more house for the money by buying your neighbor’s house, that’s where they’ll go – so that’s why competitive pricing is so important.

Are You Selling a Home in Lakewood or Long Beach?

If you’re selling a home in Lakewood or Long Beach, we can help. Call us at 562-882-1581 to find out how we’ll market your house to all the right buyers so you can sell it quickly and at the right price.