THERE ARE 4 KEYS TO PRICING: TIMING, LOCATION, CONDITION, COMPETITION (TLCC)
You have often heard, timing is everything—it’s true. When you put your home on the market and how long it stays on the market will impact its sale price.
- You will not truly know the perfect price of your home until it is on the market. When is the best time to put your home on the market? Examine your local market conditions with your real estate associate broker to determine the best time to do so. A few key indicators to review are the prices of homes that have recently sold, are currently on the market, or in contract are key indicators to evaluate a competitive listing price.
- The first few days of your home being on the market are the most impactful days. Your home receives the most attention when it first goes on the market. A home on the market for an extended period of time often attracts less buyers and may require a price adjustment.
- Listing a home at a thoughtful and competitive price ensures that it will receive the most attention, resulting in a speedy sale.
Where is your home located? The location of your home will impact its price significantly. As is often said in real estate—Location, Location, Location. Nonetheless, while you cannot move your home to another neighbor, you can tell the persuasive story about the neighborhood where your home is located.
Put your best foot forward. Do the necessary quick fixes around your home and make your home welcoming for the buyer. You must prepare your home for the spotlight, that is, when your home goes on the market it should be in its best condition for prospective buyers.
- Make your home an inviting and welcoming space for the buyer. Declutter and depersonalize your property; the potential buyer will want to envision the home as their own.
- Do a few quick fixes— even minor repairs can often have a significant impact on the selling price and speed. Your home should be competitive with the market. If sold “as is” in an area with many new developments, the pricing and timing expectations should be considered. Some quick fixes include:
- Adding a fresh coat of paint
- Fixing broken lights
- Removing old carpet to reveal the original flooring
- Replacing broken, old or unmatched appliances
The number of properties on the market that is similarly situated to your home will impact the sale price. Potential buyers will often compare similarly sized or priced properties on the market; and it is important to be aware of the competition. As always, all things being equal, price will be determined by supply and demand. This golden rule applies even when selling a home. Remember, the personal value wrapped in happy memories you had in your home is invisible to the purchaser.