How to Price Your Tampa Home Correctly

When you decide to sell your home you want the highest return from its sale. Determining your "asking price" is the most important step in preparing your house for sale.

It is understood that pricing your property too low won't provide you the best return. You will be overwhelmed with lookers and you'll get many offers, but you'll lose thousands of dollars on what may be your largest investment.

Conversely, pricing a property too high has inherent risks. Homes that are priced too high miss their target market. Qualified buyers who might find your home just right for their needs won't see your home, or make an offer on it, because it is out of their price range. When buyers are shown a home that is overpriced when first listed and they don't buy because they feel it's not a good value, they're not likely to keep it on their list of prospective candidates. Realtors are unlikely to show a house that is overpriced unless, except maybe to make a competing property look like a better value. Is this the type of exposure you want for your home?

Some home sellers will take the "let's price it high and see what happens" approach. They may feel that they can always decrease the asking price if they are not receiving offers. But testing the market in this manner can be dangerous. A property receives its best exposure during the first few weeks after it is listed. After this point, many agents lose their enthusiasm as other new (and possibly better valued) listings come onto the market. "No one else has bought this home, there must be a problem." Some home sellers forget that they have quite a bit of competition and that buyers are generally very well informed consumers especially with today's technology and sharing of information.

If your home is priced right at the start, you have the best opportunity of reaching the most qualified buyers. Buyers who have seen most available homes in their price range are just waiting for the right house to come on the market. Give value to the buyers that are already in the store instead of waiting for more buyers to come in the door. That's why a well-priced home often sells quickly once it is actually put on the market. You want your home to be viewed in this manner for the highest return on your investment.

Throughout the country, MLS statistics show that the longer a property is on the market, the lower the selling price. The home becomes "stale" and a price reduction results.

Pricing a home is partially an "art" combined with the finely tuned "science" that a Realtor acquires with experience and knowledge. We assess the real time data of current listings and similar recently sold homes. But no two houses are exactly the same. That means that the hard evidence needs to be evaluated along with the current supply and demand for homes in your neighborhood. We will make a recommendation based on all of this criteria.

In summary, the right price is the right price range which attracts the maximum number of qualified buyers within a time frame that suits the sellers' needs. The strategy required depends on the market conditions at the time your home is put up for sale. It can best be determined by a Realtor who is active in the market, who constantly views homes and is monitoring the ever changing market conditions.

If you are considering selling your home whether with our help on on your own and need help to determine pricing in order to sell for the highest price in the least amount of time please contact us for a Comparative Market Analysis and consultation.