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

What Should We Sell it For? 

PRICE: Let’s Talk Data –
When planning to sell your home, the first thing you need to know are the cold, hard facts. How many homes have sold in your neighborhood in the past six months? How much did these properties sell 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 they sell quickly over their list price, or did they linger for a while and close below asking? This should all be covered in the Comparative Market Analysis you receive from your real estate agent, but be sure to ask questions and ensure that you understand your neighborhood market.

TIME: How Much, but also… How Fast? –
So, you have your data and a price in mind, but now you must assess how quickly you need to sell. A military family in the midst of relocating is likely to require a faster transition than a newly retired couple looking for a change in scenery.  Selling quickly requires a balance of priorities. You aren’t just looking to sell at the highest price, but also as quickly as possible. In this scenario, you might consider pricing your home just below its top market value to attract a larger pool of buyers, ensuring 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