How to Price Your North Dallas Home for Sale
Once you have made the decision to sell your home in North Dallas, TX, the first hurdle that will be reaching a consensus on the listing price. If you are listing the property on your own or working with a real estate agent in North Dallas, accurately pricing your home for sale is the first challenge.
If you think you know what your home is worth or are not sure how much your North Dallas home should be valued and wondering how to price your property before it hits the market, this guide will help guide you. Listed below are some of major points that you as a prospective seller must keep in mind before pricing your home for sale.
Before we proceed, let us first understand what the “right” price actually means.
A price set for your home in North Dallas is termed as “proper” if -
- It attracts genuine buyers
- It justifies your time on the market
- It is comparable to other similar properties in your neighborhood and surrounding community.
- It allows you to earn the maximum amount of money possible
Price is the primary factor for every home buyer. Therefore, you should make your offer as close to an acceptable market price to sell your home faster. A hot or cold seller’s market will influence the final decision.
Tips to Pricing your North Dallas Home Accurately
Determining a pricing strategy is dependent on your unique local market. In the case of surplus supply and stagnant demand for homes, your home value is negatively affected. It is important to make realistic observations about the current market conditions. In addition, you must note the following tips:
Pricing your Home Competitively
When deciding to sell, setting the right price is the most important decision to make. If you set the price too high, you will turn off potential buyer in the market. If you set the price too low, you will end up leaving a good amount of money on the table.
To overcome this, you must understand the importance of pricing your North Dallas home accurately for sale. A proper price (as defined above) helps you with the following:
- Increased exposure to more buyers and their Realtors
- Attracts real and higher offers
- Avoids being "shopworn"
- Maximize returns and bottom line
These considerations can only be determined if you know what a realistic listing price looks like. Ask yourself what price can position your home in North Dallas at the best value proposition for the buyers. Seeking help from a professional real estate team, like The GAMER Real Estate Group, will provide better research on your local market conditions and influences.
Adopt Value Range Marketing Technique
This is a technique wherein you choose a price range (for example between $549,000 and $586,000), instead of a specific listing price. To set the range, first qualify a price at which you want to sell your home today. Then, think of a reasonable price that you won’t reject if offered. This price is basically the starting price for negotiation.
Seek Professional Advise from Your Real Estate Agent
Constructive criticism is never harmful. Successful sellers often hire experienced real estate agents to get suggestions on curb appeal, pricing and other factors that help in securing the highest price for the property.
When hiring a North Dallas Real Estate Agent, take your time to research, and interview multiple agents prior to finalizing any hiring decision. Keep in mind your family friend may not be your best choice. Make sure your Realtor is an expert at marketing and is able customize their marketing plan, according to your home and local market and is a partner in the process.
A Primary Role of a North Dallas Real Estate Agent in Pricing
A professional Realtor does not tell you the worth of your home. The market determines your home’s value and your Realtor will help you research and qualify a price in tandem with the market conditions.
- An experienced real estate agent, like Noah Gamer, helps you with CMA (comparative market analysis), which is performed by comparing the current active homes in your area to the ones sold recently or in the past few months. Factors like, days on the market, home details, upgrades and special features when comparing to similar homes are always taken into consideration.
- Research is Key! Your North Dallas Realtor should stay in touch with current market trends and keeps an eye on the market activity of similar comparable homes before and while listed. A professional real estate agent will estimate net proceeds and qualify offering incentives before listing.
Do Not Overprice your Home
An overpriced home won’t sell and may cost you money in the long run even if you reprice later. A lack of factual data, emotional attachment, and opinion of price that overvalues often result in an overpriced property. This in turn, leads to serious problems, like attracting the wrong buyers, minimal responses from qualified buyers, and loan rejections.
- After researching the market thoroughly, some buyers prefer to wait for the ‘right property’ listed at the ‘right price’. if your home will be priced accurately, the chances of attracting those buyers will increase and your home will sell quickly.
- Due to an unrealistic price, overpriced properties stay on the market longer. As a result, the buyers (if any) become hesitant to make an offer. They fear that something may not be right with the property which could cause lower offers
- Most of the sellers quote a high price with a thought that they will reduce it later. But, by the time they decide, it is already too late. Your homes days-on-mark (DOM) and the average DOM are almost always evaluated by professional Realtors to qualify in advance if there are issues with the price or the home itself.
- Overpricing your home will help other similar properties for sale in your neighborhood sell faster. Even if your home looks better than others’, buyers may not be interested in viewing your home. In the scheme of things, paint and carpet is inexpensive.
Review Some Reasons You May Overprice Your Home
- Purchasing in higher-priced area
- Original purchase price was to high
- Lack of factual data
- Bargaining room
- Move isn't necessary
- Assessed value (vs market value)
- Emotional attachment
- Opinion of family and neighbors
Think Like a Home Buyer
The most important aspect of pricing your home is thinking like a buyer. Go view other similar homes for sale in your area and gain a perspective of your homes competition. If you find that your home lacks some essential value-oriented elements it can cost you and may extending your listing time frame.
If you determine to proceed towards any home improvements to maximize your desired selling price there are pro’s and con’s before proceeding. There are some items that your investment will be returned to you while other will eat away at your bottom line. . If you do not wish to make improvements, you may need to lower your selling price, no matter what your expectations are, so that you can compete appropriately.
The Final Price
Pricing your home in North Dallas, TX requires experience, extensive research and can be very complicated, especially for those that try and sell their own homes with a lack of knowledge about their local market conditions. Hiring an experienced real estate agent will ensure that the final selling price of your home will be maximized.