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How to Determine List Price of a Home
When I work with a seller to determine the list price for her home, I usually give a range instead of a specific amount. It’s usually about a $10,000 range, although it can be larger in the $500K price point. Then I have a lengthy conversation with the seller to explain how I got this list price range, which homes I used as comps (and why), how an appraiser’s value might be different, and how long it’s currently taking to sell a home in this price range and in this community. We talk about the pros and cons of her home and the features that make her house stand out. How is her home similar to the ones currently for sale, and how is it better or less desirable? I find that it’s best to go ahead and talk about these topics because we’re going to revisit the discussion once we start getting showing feedback from buyers’ agents.
Then I ask my seller to choose the list price. Depending on her timing, she might go for the lower end of the range in order to get a quick sale. If her company is relocating her and she needs a quick move, this ... more
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