A Realtor’s Guide to Right-Pricing a Home
There are many variables. While the process starts by looking at nearby comparable sales, it includes the property’s age, condition, upgrades and location.
NEW YORK – Pricing a home is like the tale of Red Riding Hood: It shouldn’t be too hard or too soft. It should be “just right.”
“One of the most important things you can do as a real estate agent is keep your finger on the pulse of the market,” says Lamacchia Realty COO Jackie Louh. “This means monitoring trends, staying up to date with changes in the local and national economy, and understanding what buyers are looking for.”
Analyzing this data is also important, Louh adds. “This means looking at comparable properties in the area and assessing how they compare to the property you’re pricing.”
She also advises agents to consider the property’s age, condition, and any upgrades or renovations made, in addition to its location.
Louh also writes that an agent should have a plan for a potential price adjustment ready.
“Additionally, it’s crucial to communicate with your seller regularly throughout the selling process,” she notes. “Keep them informed about any changes in the market or any feedback from potential buyers. This will help them understand why a price adjustment might be necessary and make the process less stressful.”
Source: RISMedia (06/23/23) Louh, Jackie
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