Selling Your Home September 19, 2022

So, What Should We Sell it For? – A Seller’s Guide to Pricing Strategy

So, What Should We Sell it For? 

This is usually the first question my sellers ask me, and my answer is always, “it depends.” Price, Time, and Effort are all factors when it comes to how long a home will take to sell and at what price. The key is having a strategy that will ensure the best price for your home in a timeframe that works for you.

PRICE: Let’s Talk Data
The first thing I present to my sellers are the cold, hard facts. This typically takes the form of a list of all of the recently listed and sold comparable properties in your market or neighborhood. While you may think this is just a spreadsheet a real estate agent throws together to look smart and put-together, in reality, it is an excellent tool for understanding market trends in your area. 
Pay close attention to how much these properties sold for in comparison to their list price. Did they sell over, under or right on target? Take note of how many days they sat on the market. Did these homes sell quickly and over their list price, or did they linger for a while and close below asking? These numbers will give you a concrete reference point to start from when deciding a pricing strategy for your home.

TIME: How Much, but also… How Fast? –
Say you have found the home of your dreams, but sadly, you can’t buy your dream home until you sell your current one. Perhaps, and more likely in our neck of the woods, you are in the military with orders to a new station on the other side of the country and just three months to get there. A need to sell quickly means that you need to balance your concerns. You aren’t just looking to sell at the highest price, but also as quickly as possible. In this scenario, your pricing strategy should be to attract the largest number of buyers within your home’s price bracket as possible without sacrificing too much of your equity. Alternatively, if a seller isn’t in any particular hurry and wants to squeeze every last cent out of their property, they might price their home closer to the top of the market and wait. Striking this balance can be a delicate process, so be sure to choose a listing agent that knows the local market and is considerate of your personal situation. 

EFFORT: Does Your Property Have What it Takes? 

Remember I said, that strategy comes down to Price, Time, and EFFORT? For a while there, sellers barely had to sweep their floors before an agent would throw their pictures onto the MLS and a FOR SALE sign in the yard. Today, the market is shifting towards more sustainable grounds, and today’s buyers are approaching their life-changing purchases with greater discernment than the buyers of 2020 and 2021. Gone are the days of waived inspections and appraisals and $50k over ask, sight unseen! Selling at the top of your current market now means your home has been polished, spit-shined, and is ready for the next inhabitants.

Now, there are certain circumstances where a seller may be unable or unwilling to make repairs or polish up the place before listing. Perhaps you are selling a loved-one’s estate, don’t have the extra funds to hire a handyman, and DIY is not in your wheelhouse.  This is OKAY! Just know, that sweat equity has an inverse. Any repairs or eyesores passed onto the buyer will come at a cost. Sometimes that cost turns out to be less than the amount you would have paid to have the work done prior to showing, though most of the time it doesn’t. It is up to you to decide how much you want to do before listing your property, but be prepared that foregoing repairs and curb appeal may come at a cost to you.

Ashley is a licensed real estate agent in Virginia, specializing in helping those relocating to and from the Williamsburg and Hampton Roads areas. She focuses on empowering clients in their real estate transactions through thoughtful and knowledgeable service while her expertise in marketing, sales and client service ensures a successful and smooth transaction for her clients. Contact her today to discuss your real estate needs.

Ashley Surles, Realtor®
ashleys@cbwilliamsburg.com | (757) 634-8185