Your Home Sold Guaranteed Realty - Reeds Real Estate

How to Price a Home in Hampton, Virginia

Learn How to Price a Home in Hampton 

Not sure how to price a home in Hampton, VA? If you’ve never sold a home before, you may not know just how key your asking price is to the entire selling process. You may also be wondering the best way to determine an ideal asking price. 

If you want to understand how to price a home in Hampton, VA, it starts with education. In this short guide, our team at Your Home Sold Guaranteed Realty – Reeds Real Estate Team will explain the basics about coming up with a listing price for your home.

The Importance of Setting a Fair Asking Price

So, why is it so important to set a fair asking price? Your listing price is what nearly every home buyer will notice first about your property. They’ll use it to decide if your listing a good fit for them or not. 

An overpriced home will cause buyers to turn to similar, cheaper homes instead of yours. A buyer may not even bother reading through the listing to see why it’s priced higher than other homes in the area.

A home priced too low, on the other hand, means you risk thousands of dollars in profit from the sale.

So, how do you find a price in the middle? Determining a pricing strategy requires extensive research. Ultimately, a real estate agent is the best way to save time doing this research yourself. 

They have the necessary resources, experience, and knowledge of the Hampton housing market to come up with the perfect price for your home.

They’ll look through months of housing market data to figure out what your home is worth. From there, they’ll suggest an asking price that’s competitive enough to get you top dollar, yet reasonable enough to not scare away buyers. 

If your real estate agent suggests an asking price lower than you’d hoped, keep in mind that you’re competing with hundreds of other resale homes as well as brand new constructions. 

Your real estate agent may be suggesting the best price to help your home stand out from the sea of other properties.

How Overpricing Can Hurt You

There are several reasons home sellers may be tempted to overprice their homes. For example:

  • More bargaining room
  • Lack of market data
  • Planning to purchase a more expensive home 
  • Emotional attachment
  • Opinions of family and neighbors

Most of the activity on a recently listed home will occur in the first few weeks it hits the market. For this reason, it’s a good idea to create a sense of urgency in the minds of agents and home buyers. 

In addition, it’s also why you should never start with a high price and assume you’ll have time to reduce it later. 

Buyers and their agents are likely to notice how long the home has been on the market. If that amount of time is too long, buyers might start to think that something is wrong with the property. 

Remember that every home buyer is looking for the perfect combination of affordability and desirability. So if your house is priced correctly right off the bat, it has a better chance of selling fast. 

How Real Estate Agents Can Help You Price a Home in Hampton

An optimal asking price strikes a balance between getting the home sold fast and giving you top dollar. As mentioned above, the best way to determine a price is by working with a real estate agent in Hampton, Virginia.

They’ll provide you with a comparative market analysis (CMA), which takes an in-depth look at the prices of recently sold homes in your area that are similar in terms of location, style, and amenities. 

In addition, the benefit of real estate agents is that they remain objective. They’ll show you the facts based on the housing market. However, they’ll work with you until they come up with an asking price you’re satisfied with.

Agents are also skilled at keeping on top of the current market trends in the area and how they might affect your home sale. Their marketing and pricing strategy will determine how successful your home sale is.

For this reason, it’s crucial to interview at least three to five agents before selecting one. Look at their selling statistics and closely evaluate their track records to see if they’re the right fit to handle your home sale.

Learn How to Price a Home in Hampton, VA, With Our Team

If you’re looking for an experienced real estate agent in the Hampton, VA, area, look no further than Your Home Sold Guaranteed Realty – Reeds Real Estate Team

Our team leaders, Kelvin and April, have helped thousands of home sellers in Hampton, VA, and the surrounding area sell their homes fast and for top dollar.

Our team also offers a number of seller’s guarantees to make the home selling process as risk-free as possible. To learn more about working with us to sell a home in Hampton, VA, give us a call at (757) 799-4824 or fill out the form below.

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