Pricing Your Home in Westchester County NY
Pricing your home is both an art and a science. Achieving the optimal price is the result of both objective research into comparable properties and an (informed) gut feeling about your property and the current market in Westchester County.
Below are some tips about pricing your Westchester County home to get the best price while selling quickly. Check out our blogs written specifically for Sellers.
The right price should:
- Attract buyers
- Allow you to earn the most money possible
- Help you sell as quickly as possible
The simple fact is, price is the number one factor that most homebuyers use to determine which homes they want to view. And it's important to remember that, although the price is set by you, the value of the home is determined by the buyer. Try to avoid allowing your enthusiasm to impact your better judgment - overpricing is a common mistake that can cost you in the end.
The Importance of Properly Pricing Your Westchester County Property
- Faster sale and less inconvenience
- Exposure to more buyers
- Increases realtor response
- Generates more advertising/sign calls
- Attracts higher offers
- Means more money to seller
- Avoids being "shopworn"
What really matters is how your home stacks up against the others currently offered for sale and recently sold in your neighborhood. Buyers will be comparing.
Common Reasons for Overpricing
- Purchasing in higher-priced area
- Original purchase price too high
- Lack of factual data
- Bargaining room
- Move isn't necessary
- Assessed value
- Emotional attachment
- Opinion of family and neighbors
Dangers of Overpricing your Westchester County Property
- Most of the activity on your home will occur in the first few weeks. Pricing a home properly and then creating immediate urgency in the minds of agents and buyers is critical.
- Buyers who have seen most available homes in their price range are waiting for the "right house" to come on the market. That's why if a house is priced right, it will sell quickly. The buyers are there waiting for it.
- Don't start with a high price and the assumption that you can reduce it later. By the time you decide to lower the price, it may be too late, as interest will have already waned.
- A major cause for concern is appraisal problems; overpricing can lead to loan rejections and lost time.
- Even if your home is nicer than other homes in the same area, your house won't be picked for viewing if you set the price too high.
- Buyers and agents become aware of the long exposure period, if your home just sits on the market, and often are hesitant to make an offer because they fear something is wrong with the property.
- Attracting the wrong buyers.
- Fewer potentially qualified buyers will respond.
- You might inadvertently help sell similar homes that are priced lower.
- You could lose money as a result of making extra mortgage payments while incurring taxes, insurance and unplanned maintenance costs.
The Role of a Real Estate Professional in Pricing
- Hire Realty will provide you with a comparative market analysis (CMA), a comparison of the prices of recently sold homes that are similar in terms of location, style, and amenities. A CMA is performed by comparing previously sold homes in the area, and currently active homes, to know your competition.
- A good real estate professional knows there is no "exact price" for real estate
- A good real estate professional will never tell you what we think your home is "worth"
- The market determines value…together we will determine the price.
- The best price will get you the highest price the market will bear and still sell your home quickly.
- Hire Realty will assist you to determine the price based on the factors you control:
- Marketing time
- Financing alternatives provided
- Exposure method
- Hire Realty keeps in touch with market trends and keeps up to date with market activity of comparable homes.
- We will estimate your net proceeds.
- We will help you in determining any offering incentives.
Remember - no agent has control over the market, only the marketing plan. Never select an agent based on price. It would be easy for any agent to throw a high price on your home, to get your business. That backfires every time by discouraging potential buyers and by keeping your home on the market far longer than it needs to be. Hire Realty will help you correctly price your home to sell.