Your Home Sold Guaranteed Realty - Reeds Real Estate

How to Price a Home in Portsmouth, Virginia

Learn How to Price a Home in Portsmouth, VA

Wondering how to price a home in Portsmouth, VA, to get it to sell fast and for top dollar? If you’ve gone through the experience of selling a home before, you may know how important asking price is.

The listing price you set for your home determines the outcome of the sale. This includes how much profit you walk away with.

To understand how to price a home in Portsmouth, VA, you need to read up on the home selling process. In this guide, our team at Your Home Sold Guaranteed Realty – Reeds Real Estate Team will explain why asking price is so central. We’ll also cover the best way to come up with one.

Why Is Asking Price Important to Sell a Home Fast?

What makes your asking price so key to the success of your home sale? Nearly every home buyer will notice your listing price before anything else, and they’ll use it to immediately form an opinion on the home.

When you overprice, it causes buyers to disregard your home. They’ll quickly turn to similar homes in the area that are more fairly priced. Once they notice the price, they may not bother to read the ad to see why the price may be justified.

On the other hand, underpricing your home means less money in your pockets after the deal closes.

So, how can you determine a balanced asking price? A pricing strategy requires extensive research. Ultimately, if you want to save time doing this research yourself and ensure a greater degree of accuracy, then hiring a real estate agent is your best option.

They have the necessary resources, experience, and knowledge of the Portsmouth housing market to give you a successful home selling experience.

Your agent will do all the hard work of sifting through months of housing market data to figure out what your home is worth. They’ll use that information to suggest an asking price that will attract buyers as well as get you top dollar.

If the suggested price is lower than you’d hoped, have an open mind while you listen to your real estate agent’s reasoning. Remember that your home is going up against hundreds of other resale homes– not to mention new construction.

Ultimately, your real estate agent’s price might be the most realistic option for selling your home fast and top dollar.

How Can Overpricing Affect The Sale?

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. 

Why Are Real Estate Agents The Best Choice For Setting an Asking Price?

As mentioned above, the best way to determine a price is by working with a real estate agent in Portsmouth, 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 Portsmouth, VA, With Us

If you’re looking for an experienced real estate agent in the Portsmouth, 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 Portsmouth, VA, and the surrounding area sell their homes fast and for top dollar.

Our experienced agents will help you find a price for your home that strikes a balance between getting it sold fast and giving you top dollar. 

We also offer 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 Portsmouth, VA, give us a call at (757) 799-4824 or fill out the form below.

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