Pricing Your Home To Sell In Today's Market In today's real estate market, location and condition of your home aren't always enough to bring potential buyers knocking at your door with purchase offers in hand.
They are far more interested in your asking or list price.
Today's home buyers want to get the best possible value for their dollar.
Many will eliminate your home on price alone simply because it is either too high or too low for their budget.
With this in mind, the pricing of your home should be at an optimal or impact price which will attract the most buyers and their agents to view your home and make an offer.
Knowing how to price your home in today's market is a must for a successful sale.
What Is Your Need To Sell? Consider: what is your need to sell? Do you want to move because of job relocation and need to be there prior to the start of the school year? If so, pricing your home at the lower end of the price range may reduce days on the market and give you a quick sale.
Not in a hurry to sell? Pricing your home higher in the price range will potentially reduce showings and increase your days on the market.
You may end up selling at a lower price because buyers believe something to be wrong with your home because of the market time.
What Factors Determine Your Home's Value? There are multiple factors to consider when determining your home's value, the most common are

1. Location - Where your home is located may be the single most important factor.
   
2. Condition - Affects both the price and the time to sell.
   
3. Competition - Buyer's will compare your home to others they are considering.
   
4. The Market - Like the stock market, the real estate market is changing.
   Changes which may affect the actual sales price of your home.
   
5. Pricing - Establishing the correct price or an impact price will help ensure a quick sale for top dollar in the current market.
   

What Factors Do Not Determine Your Home's Value? There are a number of things that people believe make their home worth more in today's real estate market.
The truth is these things have no value at all.

1. Original Price - What you originally paid for your home
2. Needed Proceeds - What you want or need financially to obtain from the sale of your home.
   
3. Improvements - Potential buyers may see no value in the improvements you made.
   
4. Repairs - Every home should have a solid functional roof, having a newer roof may increase the perceived value to a buyer over another home but add little to the price
5. Opinions - What others say your home is worth

What Is Your Home's Value? Value of your home can be stated in at least one of three ways.

1. Assessed value - What does the local taxing authority believe your home it to be worth?
2. Appraised value - What are mortgage lenders willing to lend on your home?
3. Market value - What are today's home buyers willing to pay for your home?

When pricing your home have real estate professional perform a market analysis, an X-Ray of the current local market.
It will show you the price ranges of similar homes that are:

1. Currently Active Listings - These are your competition for the today's home buyers.
   Most buyers will compare your home to these to find the best value for them.
   
2. Pending Listings - These homes are under contract, but haven't closed yet.
   Their list price represents a strike price because today's buyers have made an offer.
   
3. Sold Listings - These homes have recently found a buyer and closed in the past twelve months.
   Look at the list price to sales price ratio to see the difference between these amounts.
   Surprisingly you may find a ratio over 100% meaning the home sold for more than its asking price.
   
4. Expired Listings or Market Rejected Listings - these are homes that have failed to sell during their listing period for any number of reasons.
   Their list price represents what the seller wishes it would have sold for, but the buyers saw no value for themselves.
   Check the other categories for these expired addresses.
   You may find with a price adjustment these homes are active, pending or even sold.
   

Now You Know Now you know some of the factors that go into accurately pricing a home for sale.
With this information you will be able to respond from a knowledgeable stand point when a buyer's agent presents an offer.
Best wishes for a successful sale!