The Art & Science of Pricing
“Will it sell or will it not sell?” If Hamlet were alive today, and were a homeowner or REALTOR®, that would undoubtedly be the question. We all want your listing to sell. You, the homeower, and we, the REALTOR®, have put in a lot of time, effort and (truthfully) cash into the sale of your listing. We want it to sell. In real estate, “Pricing’s the thing”! Pricing will be the key difference between your home selling and not selling.
SampronSisters.com (Your Westridge Knolls Neighbor – Your Highlands Ranch REALTORS®) uses a highly effective and accurate “appraisal methodology” to arrive at an estimated list price. We only compare “sold comps,” i.e., properties that have successfully sold. Like appraisers, whenever possible, we pull comps that have sold within one year and within one mile. We then painstakingly trade features of your home with features from the sold comps such as: lot, house and basement square footage; number of rooms total, types of rooms (formal space, living area, kitchen, numbers of bedrooms, lofts, bathrooms and types of bathrooms); whether the basement is finished, how much of it is finished, the utility of the finish and the level of the finish; as well as the finishes in the home, the level of those finishes (granite, maple and stainless or simply flat oak) and any recent remodeling. Once we trade values of features and finishes, we begin to see a list price pattern.
Setting the List Price
After completing the Market Analysis, we consult with you. It’s fairly common knowledge that, especially in this market, few people are paying “full list price.” Based on your circumstances, i.e., regular market time is okay versus “I must sell today,” we will recommend a list price. We typically recommend an initial price slightly above the price for which we believe the home will sell. This pricing philosophy is a recipe for success.