April is historically the best month of the year to sell your home. As you proceed through the process of selling your Orlando house; you’ve made the decision to sell, interviewed agents and asked the right questions, and determined which agent is right for the job. Now we have reached the 4th and final part of the Selling Your Home Series and we must settle on a price.
Most of the time you will select a price at the time you hire the agent. We bring all the facts and figures to our appointments so we can get things going as soon as possible. Ultimately the listing price is up to you as the seller…it is your house after all. But you are hiring an agent (hopefully us!) to guide you and get your home sold.
A HUGE part of whether or not your home will sell is determined by the price you choose. As a Downtown Orlando real estate professional, I deal with pricing homes and negotiating offers on a daily basis. I know what price will cause a home to sell and it may not always be the number you want to hear. Don’t hire someone just because they tell you the price you want to hear. As I stated before, hire the right agent for the job and listen to their advice and have them explain their analysis.
If you overprice your home, it will sit on the market until you reduce the price. Many sellers think buyers will just make an offer if they like it. But the fact is, if they feel it is overpriced, they will look for something else.
Here’s an example:
Let’s say the agent suggest a price of $250,000 because the market range is between $230-$250k but your home has some features and we feel it could sell for the top of the market. (Read more about how I price homes at the post titled The Art of Pricing a Home)
But you elect to price the house at $275,000.
That means you’re potentially 16% above the other houses for sale or that have recently sold in the area. You have to ask yourself – if you were buying a home would you pay 16% more for the same type of house?
*And a normal housing market appreciation is about 3-5% per year. If you’re 16% overpriced, and you don’t want to reduce the price, you’ll likely be trying to sell for years.
Consider this; a marketing plan consists of 4 points, Product, Place, Promotion, and Price. In real estate, Product and Place often times cannot be changed. If you hire a good agent like me, promotion will be done properly! BUT it’s up to you and the agent to determine the right price to get the home sold.
Spring is a great time of year to make a move. Call us today to learn more about how we sell homes 407-494-2820!