When it comes to selling a house, setting the right price is critical. Unfortunately, homeowners have a tendency to overprice their property, which tends to drive potential buyers away. So, does this mean you should underprice your property? Not at all! In fact, you can sell your house in record time and still get enough money to ward off sellers' remorse. Just follow these five pricing tips so you can scout for a new home while your property sells itself.
Take Notes While Researching Local Pittsburgh Real Estate Market.
We all have a soft spot for our homes. But when pricing a house, hard numbers and not sentimental value are the only issues worthy of consideration. By researching the local Pittsburgh real estate market, you can learn how similarly sized properties are valued and how your property (and its amenities) compare to those of your neighbors. Once you have this information at hand, you can come up with a reasonable price or take it one step further and have a professional realtor do a comparative market analysis (CMA) for you.
Use Knowledge To Price Your Pittsburgh Home Correctly
Understanding how your prospective buyers think is critical to effectively pricing your home. Whether they are dealing with convenience store products or Beverly Hills' mansions, people will always prefer a product that is priced just under a round number; like $9.98 instead of $10. On the other hand, if you choose a seemingly random number, like $143,786, buyers are likely to question your motives. So, make sure you choose an amount that both meets your audience's expectations and approaches your house's real value. If you are selling a house in Penn Hills, it cannot be priced the same if you are selling a house in Mt Lebanon, or selling a house in South Park. Each area of western Pennsylvania has its own price per foot average.
Adjust Your Pricing Depending On The Season
The prices and demand for homes can vary significantly with the season. According to real estate agents, March-April is the best time of the year to list a house. Homes listed during these three months are sold for significantly higher prices, although this phenomenon can vary depending on local conditions.
For example, if you live in a city near the beach with a high density of retirees, your local market's prices might rise near the winter as people escape the chilly north for warmer climates. Whatever your case is, knowing when demand is higher will help you price your home accordingly and prevent you from leaving money on the table.
Take Online Pricing Benchmarks Into Account.
Popular listing websites, such as Zillow and Redfin, allow visitors to filter their searches to fit within their budget. However, since the price ranges are predetermined by the website, sometimes it's easy to miss a great deal. Imagine, for example, that your Green Tree home is worth $253,000. Now, if a buyer sets his filters to show properties valued between $200,000-250,000, he will miss a chance to see yours. To avoid this scenario, make sure that your price is within range of your target audience's price filters.
Underprice your home to start a bidding war.
Many Property owners depending on why you are selling your house in Pittsburgh can under value their home to generate a large amount of interest. They think that by overpricing their Pittsburgh house they can get potential buyers to negotiate it to an amount both will like. Unfortunately, in the real world, high prices can discourage potential buyers from scheduling a visit. However, by undercutting your house's price you can fuel interest among buyers and ensure that you receive multiple purchase offers which in turn will drive up the price organically.
Pricing a house in western Pennsylvania looks surprisingly simply. However, if your price is based on a whim rather than on a solid understanding of the market and the buyer's psychology, you risk leaving money on the table or waste time trying to sell your house. Selling a house in North Hills PA cannot be priced the same as selling a house in Castle Shannon. By following these tips, you will be taking the first step to a successful sale that will allow you to move onto the house of your dreams in the near future.