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How To Price Your Home In This Shifting Market | Kasama Lee

Pricing your home correctly can be the single most important factor when you’re selling your house. You don’t want to overprice the property, because you’ll lose the freshness of the home’s appeal after the first two to three weeks of showings. 

Pricing your home too high can be a mistake, but don’t worry about pricing your home too low—you’ll likely receive multiple offers over the asking price

“The most important thing in real estate is to get the highest and best price, in the shortest amount of time, with the least amount of hassle.” 

Knowing sellers’ priorities gives you a leg up, but when the market is shifting, you need to pack your toolbox with different tools to get top dollar for your clients.

To price in a shifting market,  Voyles advocates a three-pronged approach:

  • Research and interpret market data.
  • Communicate value to sellers.
  • Evaluate and plan a pricing strategy.

Know Your Numbers

In other words, powerful pricing comes down to knowing your numbers. Sellers rely on your expertise and your resources, so take it upon yourself to stay educated on current market data. If you want to be seen as an expert on your local market, this means knowing metrics like average days on market, total active listings, total pending listings, total closed listings, and total expired listings.

Show Your Value

You can diligently complete all your research, but if you don’t know the proper way to pass that knowledge on to your sellers, your transaction won’t end in a win-win.

As important as it is to be armed with the story you want to tell, you also have to be prepared to listen. Watch and listen for signs of reluctance, such as closed body language and one-word answers. Ask questions and listen attentively to answers to clear up concerns, and you’ll build a rapport with the client.

Plan Your Strategy

Help your seller buy into your pricing strategy by sharing how supply and demand affect the market as well as the buyer thought process, including the fact that the buyer now has more access to more information about more listings than ever before.

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