How to Price Your Home to Sell It Fast!

However, without the expertise of a traditional agent to guide you, you’ll need to do your research and carefully set a price that attracts buyers while still meeting your financial goals.

Here are some tips from real estate experts on how to price your home to sell fast:

1. Research Comparable Sales (Comps) – What Experts Recommend: Look at recently sold homes in your area that are similar to yours in size, condition, location, and amenities. These homes, known as “comps,” give you a realistic idea of what buyers are willing to pay.

How to Do It: You can use online tools like Zillow, Redfin, or Realtor.com to find comps but the best tool is the Property Appraiser’s website for the county where the property is located. Pay attention to the sale price, age, how long the homes were on the market, and the features that make them comparable to yours. In Florida, the age of the roof weighs in heavily due to cost of homeowners insurance.

Why It Matters: Pricing too high compared to comps can cause your home to sit on the market, while pricing too low can result in a loss of potential profit.

2. Understand Market Conditions – What Experts Recommend: The local real estate market plays a big role in how quickly your home will sell. If it’s a seller’s market (low inventory and high demand), you can price a little higher. In a buyer’s market (high inventory and less demand), you’ll need to price more competitively.

How to Do It: Look at local market trends by checking the days on market for similar homes, the current inventory, and any shifts in interest rates.

Why It Matters: Understanding whether it’s a buyer’s or seller’s market helps you position your home accordingly and set a price that’s attractive to buyers. It helps you to calculate how long your home may be on the market.

3. Start with a Competitive Price – What Experts Recommend: Price your home slightly below what other similar homes are selling for to generate interest and potentially spark a bidding war. This can be especially effective if you’re trying to sell quickly.

How to Do It: Set your initial asking price a bit lower than recent comps if you want to attract more buyers and create urgency. Pricing at or slightly below market value can bring in multiple offers, potentially pushing the price higher. Have an understanding of closing costs and expenses you are likely to incur such as prorated real estate taxes, title insurance, state documentary stamps, etc.

Why It Matters: Homes priced too high tend to stagnate on the market, while homes priced strategically can lead to faster offers and higher final sale prices.

4. Factor in Your Home’s Condition – What Experts Recommend: If your home needs repairs or updating, you should factor that into the price. Homes in pristine condition can command a higher price, but homes with issues should be priced accordingly.

How to Do It: If your home has recently undergone major renovations or updates (e.g., new kitchen, updated bathrooms, etc.), you can price it higher. If it needs work, consider adjusting your price to account for the cost buyers will incur for repairs.

Why It Matters: Buyers often adjust their offer prices based on a home’s condition, so overpricing a fixer-upper can scare off potential buyers who will factor in renovation costs.

5. Avoid Overpricing to Leave Room for Negotiation – What Experts Recommend: While it’s tempting to price your home higher in anticipation of negotiations, overpricing can actually backfire. Buyers may avoid homes they perceive as overpriced, even if you are willing to lower the price.

How to Do It: Set a reasonable price based on comps, current market conditions and your closing costs. You can always lower the price later if the home isn’t getting enough attention.

Why It Matters: Overpricing often leads to longer time on market and fewer interested buyers, while a competitive price can generate more showings and quicker offers.

6. Consider the Timing of Your Sale – What Experts Recommend: The time of year can influence how you price your home. In many markets, spring and summer are more competitive, while winter tends to slow down. Specific types of properties or homes in retirement communities tend to be more activity during the winter months. Price adjustments may be necessary depending on the season and how many other homes are on the market at the time.

How to Do It: Research Florida’s seasonal trends to better understand that homes listed with season-appropriate timing may command higher prices due to increased demand.

Why It Matters: Market dynamics shift throughout the year, and pricing should reflect buyer demand at the time of listing.

7. Use the 90% Rule – What Experts Recommend: Aim to price your home at 90% of the average market value to attract more interest from buyers, especially if you’re aiming to sell quickly. This pricing strategy can help you stand out from other listings.

How to Do It: If comparable homes are selling for $400,000, you might price yours at $360,000 to entice buyers. It’s a subtle strategy that can increase showings and bring in offers quickly.

Why It Matters: By underpricing just slightly, you can generate more activity and interest, which can ultimately lead to a faster sale. The 90% rule is most effective when a quick sale is more important than waiting it out for the best price.

8. Be Prepared to Adjust – What Experts Recommend: If your home isn’t selling within the expected time frame, be prepared to adjust the price. Flat Fee MLS services typically allow you to make pricing changes easily, so don’t hesitate to revise the price based on feedback or market conditions.

How to Do It: Monitor market trends, track buyer feedback, and evaluate the competition. If you’re not getting showings or offers, consider lowering the price.

Why It Matters: The ability to adjust your price ensures that you remain competitive in the market and increase your chances of selling quickly.

Conclusion: Pricing your home correctly is a blend of market research, understanding local trends, and considering your home’s unique attributes. By pricing strategically, considering market conditions, and making timely adjustments, you can greatly increase your chances of selling quickly.

By Wendy Smith
Florida Real Estate Broker