I seem to do something that is mostly unique when pricing the homes that I sell. I have been compared to A LOT of other realtors. Sometimes I am being compared to one realtor. One time I was up against seven other realtors! (I got the listing and I sold it!) What I have found is that I am repeatedly told that I am the only one who is showing people one very specific thing when talking about pricing:
The Market.
Almost everyone looks at comparables. That is, houses that are the same style, in the same geographic region, similar in size and rooms, and sold within the past 6 months. Hopefully, the realtor you are talking to is at least finding similar houses. If you are just given a list of houses that does not match at least these very basic criteria, you might want to consider interviewing more realtors. (Or just interview me.)
What amazes me is that I am told that I am the only one looking at current competition. I am really happy that four houses that are very similar to yours sold for $250,000. Right now there are 6 houses that are just like yours on the market for $240,000. How well do you think your house will sell if you price it at $250,000? This also matters one week after you list, one month after you list, and so on. I update all of my clients every week with what is happening in the market and what my recommendations are based off of the data.
In fact, I would say that this is the most important piece of information to look at when pricing your home. Who you are competing against matters. It can go the other way as well. What if those same four houses that are similar to yours sold for $250,000, and now there are six houses on the market just like yours that are priced at $275,000? Do you want to lose that $25,000?
Understanding the market, and understanding your competition is a huge advantage in getting your house sold quickly and for the most money possible. Get me on your team so that you have someone that understands the market. You can reach me at 515.639.0047 or RyanLynch@KW.com.
~Ryan Lynch
