The Ins and Outs of Pricing your Property
There is, unfortunately, no simple calculator to figure out how to price your home. Variables such as current market condition, location, time of year, condition of the property all factor into how to price your home. Overall market conditions affect prospective buyers’ approach to home buying. Interest rates and other macroeconomic factors can affect consumer perception.
On the micro level, the interest in a particular neighborhood or style of home can change in a much less predictable way. Geography plays a big part in the pricing of a home. A south facing kitchen brings up the value of a home. Transitional neighborhoods will see higher prices while other aspects of the community have yet to make the changes. More established neighborhoods tend to move more slowly. School districts have always played a role in the value of a home. When you list your property will also affect the selling process. The same property listed at a different time of year may sit on the market longer because of holidays or tax time.
Small details make a big difference and every aspect of the property and the market must be considered when deciding on a listing’s price. It’s not as simple as “the fed cut interest rates, so let’s price it aggressively”. There are many factors to consider and none of them are static.
- Resources for Buyers
- Resources for Sellers