Learn How to Price a Home in Norfolk Effectively
Curious about how to price a home in Norfolk, Virginia? If you’ve never sold a home before, you may not realize that developing a pricing strategy is central to the success of your sale.
If your goal is to sell a home in Norfolk fast, then pricing should be your main focus. It also determines how much you make from the sale.
If you’re wondering how to price a home in Norfolk, Virginia, our team at Your Home Sold Guaranteed Realty – Reeds Real Estate Team can help you out. In this post, we’ll use our years of experience serving home sellers in the Norfolk area to explain why pricing is so important.
Why Should You Learn How to Price a Home in Norfolk?
Figuring out the right price for your home is critical because it influences how many potential home buyers show interest in the listing. The asking price is many buyers’ first impression of your home.
If it’s too high, they may overlook it and move on to other homes. They may not even bother reading through the ad to see what the justification for the high price is.
So, where should you start to come up with the best price for your home? Ultimately, your best bet is to work with a real estate agent. They can help you set an asking price for your home. They have the tools and resources necessary to help you find the right balance between competitive and fair.
If you hope to fetch a certain price for your home, prepare to tell your real estate agent why. For example, the home may be worth more if you’ve recently installed new appliances or added heated floors.
But if the real estate agent suggests an asking price that’s lower than you anticipated, listen to their reasoning. Prepare yourself to compromise.
It’s important to remember that you’re competing with all other homes on the Norfolk housing market– including newly constructed homes. So your real estate agent may be searching for the right price to help your home really stand out from others in the area.
What Are The Dangers of Overpricing Your Home?
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. As a result, pricing a home in a way that creates a sense of urgency in the minds of agents and buyers is critical.
That’s why you should never start with a high price and assume you can simply reduce it later.
Buyers and their agents are likely to notice how long the home has been on the market. If it’s been listed too long, buyers will be hesitant to make an offer because they fear something is wrong with the property.
Every home buyer is looking for the perfect combination of a high-quality home at the best possible price. So if a house is priced correctly right off the bat, it will sell quickly.
How a Real Estate Agent Can Help You Develop an Effective Pricing Strategy
An optimal asking price strikes a balance between getting the home sold fast and giving you top dollar. The best way to determine a price is by working with a real estate agent in Norfolk, Virginia, to research comparable properties in your neighborhood.
They’ll be able to provide you with a comparative market analysis (CMA), which is an in-depth comparison of 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.
We Can Help You Learn How to Price a Home in Norfolk, VA
A real estate agent in Norfolk, VA, is the best way to navigate market conditions. Their marketing and pricing strategies will determine how successful your home selling experience is.
For this reason, it’s crucial to never select an agent based on their commission rate, friendliness, or empty promises about what they can do for you.
Make sure you interview several 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.
If you’re looking for an experienced real estate agent in the Norfolk, VA, area, Your Home Sold Guaranteed Realty – Reeds Real Estate Team, is the best choice.
Our team leaders, Kelvin and April, have helped thousands of home sellers in Norfolk, VA, and the surrounding area sell their homes fast and for top dollar.
We also offer a number of seller’s guarantees to make the home selling process as smooth and stress-free as possible. To learn more about working with us to sell a home in Norfolk, VA, give us a call at (757) 799-4824 or fill out the form below.
