Thinking of selling a home in the Atlanta metro area? Pricing a home for sale is as much art as science, but there are a few truisms that never change.
- Fair market value attracts buyers, overpricing never does.
- The first two weeks of marketing are crucial to a speedy sale.
- The market never lies, but it can change its mind.
Contrary to popular belief it is the buyer who determines price. It’s true the Atlanta metro area is currently experiencing a sellers’ market – but that varies significantly in certain locations, neighborhoods, price ranges and other factors. So, it’s important to understand that fair market value is what a willing buyer and a willing seller agree by contract is a fair price for the home. Values can be impacted by a wide range of factors but the two largest are location and condition. Generally, fair market value can be determined by comparable properties – other similar homes that have recently sold or are pending sale or are currently active listings in the same area.
Sellers often view their homes as special which temps them to put a higher price on the home, believing they can always come down later, but time and time again that proves to be a serious mistake.
Over pricing prevents the very buyers who are eligible to buy your home from ever seeing or touring it. Most buyers shop by price range and look for the best value in their price range.
Your best chance of selling your home is in the first two weeks of marketing. Your home is fresh and exciting to buyers and to their agents.
If you don’t get many showings or offers, you’ve probably overpriced your home and it’s not comparing well to the competition. Since you can’t change the location, you’ll have to improve the homes condition or lower the price – perhaps both in your effort to be reconsidered. The market can always change its mind and give your home another chance, but by then you’ve lost precious time and perhaps allowed a stigma to cloud your home’s value.
Intelligent pricing isn’t about getting the most for your home – rather, it’s about getting your home sold quickly at fair market value.
If you’re thinking about selling your home and you’re wondering what you need to do to get your home in show-ready condition, please complete the form below. If you’re considering the possibility of selling your home within the near future and you’d like a Competitive Market Analysis (CMA) please complete the form below. I’m looking forward to meeting you and guiding you throughout the process when you tell me you’re ready to get started.