The Importance of Price

So.

As I was saying.

There’s so many factors to take in when you’re thinking about selling your home. Should we paint? Do the cabinets need to be replaced? Should we ship the kids off to their grandparents house for the summer??

The answers to those questions are maybe, depends, and as long as the kids don’t decide to resurface the driveway by way of the living room, they’ll probably be fine.

The market is shifting, and maybe you’ve noticed. Houses aren’t flying off the shelves the same way that they were in 2021, and buyers are becoming more picky (mostly because they’ve realized that they could). No longer are we seeing 21 offers on a house that, to keep it P.C, is butt-ugly and in a neighborhood where airplane pilots can check their teeth for spinach in your powder room without leaving the comfort of their cockpit (not saying yours is like that, I’m sure it’s lovely).

Maybe this is a good thing, maybe it depends on your perspective, but we have stabilized and are seeing returns to a normal market pace.

What does that mean for you?

I’m glad you asked.

When selling your home, there will be few things as important as price. Just about any house can sell in any market if it’s listed at the right price (not a guarantee by any means, but rather a general rule of thumb). Will you get exactly what you want out of it? Maybe not. But that’s why a good comparative market analysis is so crucial.

How we reach the price for your home is rather unsexy in execution, but makes up for it with that sweet statistical analysis. In short, it’s whatever the market around said listing will support. Are we still reeling from a sense of sticker shock brought on by the sky-high home prices across the nation over the past few years? In some cases yes, most definitely. But the prices aren’t arbitrary. And that’s why you need a professional working for you that won’t blow smoke up your butt to just be able to snag your listing.

Y’all know by now I love a good checklist, so if you’re wondering what are the main factors in determining the price of your home, stay tuned!

1. Location 

This is the one you have the least control over, for obvious reasons. There’s truth to the old adage location, location, location, but even if your home isn’t in the most desired of locations, you still may some options. Again, will you get top dollar? That remains to be seen, but it isn’t always hopeless.

1. Square Footage 

This one is a bit self explanatory, but a larger house will typically bring a larger list price. There are limits to this rule (if the house surpasses the other homes around it by far, it will be limited by the inventory surrounding it). How much did other people pay recently (within 3-6 months typically) for other homes with similar square footage and number of rooms?

1. Age of Interior 

Not saying you have to completely remodel the inside of your house before you list, but a little paint and some new hardware can go a long way.

1. Smell

This might seem like a wildcard, and it obviously isn’t one that can be found through videos or photos of the property. Smell is a very significant factor in what your home will sell for. Understandably, buyers are taken a little aback when they walk through the front door and can tell you’ve had pets and a love of filter-less cigarettes. No judgement intended, but that’s a reality we have to face.

1. Structural Soundness

This is one of those things that you really do take for granted until it isn’t there. If a home is solid, this consideration isn’t going to even be a thought. If it’s not, it’s incredibly obvious and it will affect the list price accordingly.

Are you thinking about selling? If so, I have a Questionnaire you can fill out right here on the website! 

Until next time.