Pricing your home for maximum gain in extreme markets
Selling your home in a market where conditions are constantly changing or are wildly unpredictable can be an uphill task. Assigning a price to something you’re emotionally attached to makes the process even tougher.
But during the property sale, you need to focus on your financial interests and thus make the right decisions to ensure you receive the best ROI on your sale. Pricing your home right, even in an extreme market, is the right step in this direction.
Hence, this article sheds light on three winning property pricing strategies.
Let’s begin with the first one:
- Keep an Open Mind
In dwindling market conditions, you’ve to keep an open mind on offers that come in. You can use the power of negotiation to sway the deal if the local market is leaning in favor of sellers, or if you have an especially unique or desirable property. However, if conditions are tough, stay flexible and open.
In any scenario, you should always be keen to listen to your buyer’s needs and interests. Remember, the sales price isn’t everything! Consider every aspect of the deal; for example, waiving contingencies, including appliances, convenient closing date, and other concessions.
Determining an extreme market’s trends is not easy. Therefore, using intelligent real estate tools like Livv.AI to get real-time insights into the local market, past trends, and predictions can be eye-opening. Also, consult your listing agent who has in-depth information about your local real estate market.
This brings us to the next strategy:
- Work With Your Agent
Often waiting for the market to pick up isn’t an option. This is where hiring an experienced agent is always a good strategy—whether you’re working in a seller’s or buyer’s market. Even if you’re in a seller’s market, a listing agent can help you navigate through complicated conversations including multiple-offer negotiations successfully.
A competent agent can help you with negotiating tactics, successful marketing strategies, and competitive pricing—all of which are a must to win in an extreme market. They can do extensive research and update you about what buyers in your area love about homes.
It’s time to talk about the third and final property pricing strategy:
- Price Your Home Competitively
When we say ‘competitively,’ we’re talking about finding a balance. During property sales, your home should be priced in such a way that it’s enough to entice prospective buyers, but at the same time, doesn’t make you seem desperate.
To price your home competitively, you ought to gauge other homes in your neighborhood that have similar features and sizes. Apart from that, you may look into the sales price of recently sold properties in your local real estate market.
You Know What to Do
Price your home right and potential buyers will be flocking your door. Price it incorrectly, and your property will languish on the market. (In an extreme market, you definitely don’t want the latter scenario.)
Social proof is a strong persuasive force. If your house sits for weeks on end, it may compel buyers to believe that something about your property is causing people to turn away. Your best bet is combining your best online research with mining the knowledge and expertise of a listing agent so you know exactly what your home is worth.