How Much is Your Home Really Worth?

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• Essentials to Consider When Pricing Your Home for Sale •

Your home is your palace, your oasis, your place. It represents your unique sense of style, and your experiences there are irreplaceable. Your experiences. Unfortunately, this means nothing to a prospective buyer. That wet blanket of reality represents some of the cold, hard facts related to selling a home. As such, it is important to consider the following when pricing your home for sale:

1. Style Points

Everyone has their own sense of style. While you may consider your home to be a portrait of sophistication, others may not. It is important to be impartial and not get emotional where style is concerned. This is one reason why staging your home may be the best way to go. Staging ensures a more style-neutral presentation, which will appeal to a broader range of people. Even if you don’t decide to stage your home, there is one style point that everyone will appreciate: cleanliness. Every potential buyer appreciates a clean and tidy home, even those looking for a complete fixer-upper. Not only is a clean home easier on the eyes, it also helps both buyers and sellers identify potential repair or maintenance issues, and visualize any modifications. Cleanliness also helps ensure thorough inspections and appraisals. If you do nothing else, make sure your home is exceptionally clean and organized, inside and out, before you price and show the property.

2. Neighborhood Matters

You’ve just completed a $100k remodel. There’s a fresh coat of paint on the house, and the landscaping is immaculate…right down to the friendly new lawn jockey near the mailbox. Everything is perfect, and you think your house should sell for top dollar. After all, it’s the best looking house on the block. Well, that’s both good and bad news. While a modern, immaculate home certainly has value, the surrounding environment must also be considered. If there’s an eyesore of a property next door, or a shady element in the neighborhood, your property value will decrease. As such, it is important to do the homework on your entire neighborhood — right, left, front and rear — to ensure that you are pricing your home effectively.

3. Competition

It is crucial to study the competitive environment before pricing your home. You need to think like a buyer at this point, and understand how your home stacks up against others on the market. This not only includes comparable homes in your direct neighborhood, but the expanded region as well. If you were looking to buy a home for $X, how wide of a net would you cast on appealing neighborhoods? If a particular home was in your favorite area, but a similarly-priced, better-equipped home was three blocks away, would you take it? Probably. The goal when looking at the competition is to see what’s out there in your expected price range, what each home offers, and how you can price and position your home to be as irresistible as possible to prospective buyers.

4. The Price is Right

All of the points above lead to one imperative: Pricing your home correctly the first time matters. On the one hand, pricing too low from the onset may leave money on the table. On the other hand, if you come in too high, you may have to lower your price later on. Markdowns are great for retail…for real estate, not so much. If a home has been on the market for too long and/or has had more than one price reduction, buyers may assume there’s something wrong with it. So, in short: think first, price second.

The Bottom Line

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About The Author
Portia Green, REALTOR®

Portia Green is a highly experienced full-time REALTOR® specializing in the representation of Sellers, heralded by her clients as data-driven and an effective negotiator. Producing $25M total in residential sales volume, Portia's goal is to help her clients achieve the best results when selling their homes and to make their experience an enjoyable one. She has successfully sold real estate since 2008 and has gained an in-depth knowledge of local real estate markets & seasonal trends. Portia has achieved a 100% customer satisfaction rating and wants to share her expertise & personal service with you in the sale of your home. When listing your home with Portia Green and Compass, you'll receive the hands-on service you need and desire. Portia will help you manage the entire process of selling your home from pricing, preparing and staging the house, to marketing, negotiating offers, inspections, all the way to closing. She will recommend skilled vendors for any job needed, personally host Open Houses, and ensure that all showings are accompanied. At Compass, Portia offers a wise no-nonsense way to sell your home for the best price and the least hassle. With a keen eye for staging & preparing listings to maximize Buyer appeal, all of Portia Green's listings are professionally photographed using HDR (High Dynamic Range) photography to provide the highest quality photos in the industry. Professionally printed marketing materials are prepared for all Open Houses. We also capture a 3D scan of your home that creates an interactive walkthrough online along with a custom-designed floor plan and targeted digital marketing campaigns on Google & the most popular social media channels. Compass participates in the Multiple Listing Service, which is the local real estate database of homes listed for sale that all REALTORS® use in helping their Buyers find houses. Your home will appear on every real estate website, in its best light, making a stunning camera-ready debut. Portia Green's home valuation expertise and extensive experience in comparative market analysis will help price your home accurately. She has refined her skills to help you pinpoint which features of your home will result in more showings and better results. Her mantra is for you to be ready to sell your home and feel good about that first. Portia knows that home inspectors always find a problem; that drones take some of the best photos in town; and that her eyebrows will grow to the floor in the time it takes her to read everything that's happening with your HOA, but that doesn't mean she won't do it anyway. Eyebrows be damned. You'll always need a place to unplug, connect, dream, grow, or just be yourself. That makes what Portia does even more meaningful. She’s ready to go the extra mile to help you find just the place. Whether you're selling your very first home, offloading an investment property, or want a vacation getaway with passive income, she is attentive to the details of every home sale. Portia helps busy people navigate this crazy real estate market like a pro, so don't be shy. Every great relationship starts with free advice and a friendly chat. Ask as many questions as you need to. Selling houses is her jam!