When it comes to selling a home, pricing it correctly from the beginning is crucial. In a competitive market, sellers who fail to price their homes appropriately may face prolonged days on the market and struggle to generate buyer interest. We sat down with real estate expert Wade Giles of the Giles Group to get his valuable insights on how homeowners can effectively price their homes to sell. From understanding market trends to utilizing effective marketing strategies, these tips will help maximize chances for a successful sale.
1 / Stay Ahead of the Market with Strategic Pricing
To capture buyer interest and avoid extended days on the market, it’s essential to best price your home from the start. “If you’ve got a lot of inventory in your neighborhood or area on the market that’s been sitting, you need to be pricing yourself competitively,” Giles says. Going 2 to 5 percent below the market average can attract prospective buyers that might not otherwise have eyes on your property. By pricing strategically, you can stand out among other listings and generate buyer interest.
2 / Don’t Overestimate Zillow
While online tools like Zillow estimates can provide a starting point, they should not be relied upon solely for pricing your home. “Sellers specific specifically get caught up on the prices that are listed on the market,” Giles says. “But I care less about what things are listed for, and I care more about the properties that are pending and the properties that have closed.” He also notes that Zillow’s algorithms can be inaccurate, especially in non-disclosure states like Texas. Agents with extensive networks and connections in the industry can provide more reliable insights into property values, including those not publicly reported.
3 / Utilize Effective Marketing Strategies
Marketing plays a vital role in attracting potential buyers to your property. For instance, high-quality, value-added video content can significantly impact buyer perception. Giles recommends producing well-crafted videos that highlight unique features and provide insights that may not be apparent from static images. This approach helps potential buyers visualize themselves in the home and creates a more accurate representation of the property. Additionally, leveraging social media platforms can expand your reach and increase the chances of finding the right buyer.
4 / Opt for Meaningful Price Reductions
Instead of multiple small price cuts, consider making one significant reduction to change the perception of your property. Giles advises against “death by a thousand cuts,” as it often fails to achieve the desired results. By making a substantial price reduction, you can attract attention and show potential buyers that you are serious about selling.
5/ Seek Guidance from a Trusted Agent
Trusting your real estate agent’s expertise is crucial when it comes to pricing your home to sell. Experienced agents possess valuable knowledge of the local market and can guide you in making informed decisions. By communicating openly with your agent and relying on their insights, you can identify the right price range for your property. Moreover, a well-connected agent can tap into their network and inform other agents about your listing, increasing the likelihood of finding potential buyers.