Pricing Your Home is Both an Art and a Science

Before you can find your home’s price in Hampton, Virginia, this is what you need to know. Especially since you’re dealing with one of your largest assets. It could literally mean a difference of tens of thousands of dollars.

Pricing your house accurately will get you:

• More interested buyers
• A higher closing price
• Your home sold faster

But it’s not as easy as simply choosing a price. There’s quite a bit of research that goes into a competitive price that will sell a listing fast. Firstly, you should do some research on local prices for similar properties in your area.

After that, you need to know how your home’s condition, location, and size will impact the price. There are also larger economic trends that you should think about since housing markets have been wild recently.

Why It’s So Important to Set Your Home’s Price in Hampton

In just the last few months, mortgage rates have gone up significantly. This means homebuyers are being much more careful about the homes they put under contract.

On top of that, there are simply fewer qualified buyers who can afford 5-7% interest rates. That’s when a solid pricing strategy becomes critical for you as a seller in Hampton and other areas of Virginia.

In addition, most markets in the country are softening. This means negotiations are shifting in favor of buyers. While your home’s value largely depends on its size, location, and condition, market demand is a huge factor.

Make sure you price accurately if you want:

• To sell fast and with less hassle
• More responses from buyers agents
• Fewer “days on market”

What really matters is how your home compares to others in the area. If a seller with a similar property to yours has a more competitive price, they’ll sell and you won’t.

Common Reasons Sellers Overprice

So, what causes homeowners in Hampton, Virginia, to price too high?

• They need money
• A new house is more expensive
• They originally paid to much
• Not using market data
• A sells isn’t in a hurry
• Opinions from family and neighbors

If you don’t do enough research in your local market and even your neighborhood, you could end up helping sell your neighbors house! 

Pricing too high may send homebuyers into the waiting arms of your neighbor. If they’re selling a similar home down the street, their lower price will get the contract.

What Could Happen if You Overprice

It’s easy to over-price because we all want more profits when we sell. But if you don’t find your home’s price in Hampton and ask accurately, you could face problems.

Most listings get the most interest in the first few weeks after posting. If you price way too high, buyers who might have been interested will pass. You’ll also lose the attention of buyers who want to buy right away.

Sometimes home sellers price high to give themselves room for negotiation. But if you decide to do this, know it can actually delay the sale or force more price reductions.

Another major cause for concern is appraisal problems. Overpricing could cause lenders to refuse a mortgage for the asking price. This will at the best, delay things. At worst, it could stop the sale.

Working With an Experienced Real Estate Agent Will Help You Get the Best Price

Getting one of the top real estate agents in Hampton, Virginia, on your side will help. Firstly, a licensed real estate agent will be able to get you a comparative market analysis (CMA). This will show you what other homes are selling for nearby.

A CMA takes into account:

• Location
• Size and features
• Condition
• Appraisal value

This kind of detail will tell you exactly how your house compares to others in the local market.

Experienced real estate agents won’t guess at what your home is worth. They’ll use real data to price it just right for a fast sale at the highest price.

Real Estate Agents also keep up with market trends and regularly see what kind of inventory is available. They know what homes got sold recently, which ones have just been listed, and which ones are under contract.

They’ll also help you negotiate when you have offers from qualified buyers.

Reeds Real Estate Team Will Help Find Your Home’s Price in Hampton

Before you list a house, make sure you find your home’s price in Hampton. Your Home Sold Guaranteed Realty – Reeds Real Estate Team can help with whatever you need.

Other real estate agents will make big promises about getting you a certain price. But no real estate agent can fight the market – the key is to price your home based on actual market data. That’s what the Reeds Real Estate Team does.

If you want help pricing your home in Virginia and getting the most money when you sell, give us a call. We’ll even give you an exclusive Seller Cancellation Guarantee in case your circumstances change.

Give us a call at (757) 799-4824 or use the form and we’ll get back to you right away.