Should You Price Your Home $10K To $20K Above Where You Hope To Sell?


Should You Price Your Home $10K To $20K Above Where You Hope To Sell?
By Scott Rogers • February 26, 2024
In the current local housing market, it is not advisable to price your home $10K to $20K above the price point where you hope to sell -- with the one caveat being that it depends on the price range. If you hope to sell for $250K, I don't recommend pricing your home at $260K or $270K. If you hope to sell for $410K, I don't recommend pricing your home at $420K or $430K. I suppose if you hope to sell for $760K, might matter a bit less (maybe) if you price your home at $770K or $780K. But, back to the first premise... here's why I don't recommend a list price of $260K or $270K if you hope to sell for $250K. Let's say you price your home at $265,000 - hoping to sell for $250,000. If five buyers come to see your home in the first few days it is on the market, and they all like the house, but conclude that it is likely worth $250,000... ...they are likely to not even make an offer. After all, they may very well think they would need to offer $235,000 or $240,000 in order to hope to negotiate you down to $250,000. And when a home has been on the market for just a few days, most buyers won't make a $235K or $240K offer if the list price is $265K. So... in almost all cases, your list price should be very close (or a touch above or a touch below) the price point where you hope to sell. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
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