3 Important Terms You Need to Know When Pricing Your Home

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As the conditions of the Long Island real estate market remain stable, pricing your home should not be too challenging.

When it’s priced right, your home will sell. The problem usually occurs when sellers want to price their home for more than it’s worth, resulting in a longer time your home is one the market. To successfully sell a home, an accurate price must be in place to compliment a solid marketing strategy.

The longer your home is on the market the less your home is worth. That is why pricing your home accurately from the beginning typically will generate increased activity from buyers and higher offers. Contrary to popular belief buyers do not always offer less and pricing higher does not get you more.

Here’s 3 things to talk to your Realtor about that will help you price your home right from the start:

  1. Comparative Sold Properties. Analyzing recently sold comparative properties is one of the best ways to identify a fair market value for a home. Typically it is best to search a radius around the property and look at similar homes that sold within the past 6 months.
  2. Comparative Active Properties. Looking at other homes that are for sale in the area is a great way to see where your property would fit in and compare to the others that are currently on the market. The key to getting your home noticed and sold is marketing and attractively pricing your home to beat the competition. Consider listing lower than them to give yourself the competitive advantage!
  3. Current Inventory. Real Estate is all about supply and demand. When inventory is low sellers typically sell for more. When inventory is higher homes do not sell for as much because buyers have more selection and can take their time searching. Ask your agent how inventory is not only in your neighborhood but in your entire town.

What if you think you price it right but it still does not sell?
Contact us at 516-575-7500 or information@crrli.net to speak with an expert agent in your area.

 

Joe Moshe
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Joe Moshe

Joe Moshe is the Broker/Owner of Charles Rutenberg Realty Long Island, offering 100% commission to Agents. With over 1000 agents, it's one of the fastest growing, most progressive real estate brokerages on Long Island.
Joe Moshe
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