How do you determine the right price for your house? by sizing up the competition
The other day I was meeting with potential home sellers and we were discussing the Spring Texas real estate market and what it takes to get homes sold.
We looked at the MLS print-outs of the comparable homes and discussed how the homes could attract additional buyers with better quality and more photos, advertising descriptions, and staging. The first time home sellers understood what they were going to need to do and what I was going to do to get their home sold before the other homes on the Spring Texas real estate market.
Next we reviewed the pricing of the homes they would be competing against for buyers. One of the comparable homes on the market is a home with the same floor plan as their home. The first time home sellers were concerned when I told them the home has been on the market for 142 days and still counting. With young children the first time home sellers did not know how they were ever going to be able to keep their home in showing condition if it was going to take 5 months before their home would sell.
I told the first time home sellers the sellers of the comparable home had wasted valuable marketing time and eaten up days on market by incorrectly pricing their home. The comparable home had already gone through 4 rounds of price reductions totaling a price reduction of 7% from the initial list price and it was still priced high for the market.
By sizing up the competition you can determine the right price to put your Spring Texas house on the market for a quick sale.