Pricing your home appropriately is essential for a successful sale, especially in a competitive market. Listing too high can result in stagnation, while pricing too low could mean lost profits. Key strategies include using home value estimators and Comparative Market Analysis (CMA) to gauge a competitive price. Redfin emphasizes the importance of pricing slightly below market value to attract multiple offers and underscores that overpricing can lead to prolonged market times and ultimately, reductions in price. Aligning your price with local market conditions is vital.
Pricing your home right from the start is crucial. The first few weeks your home is on the market are the most critical for attracting buyers. "It's important to list your home at the right price because buyers today have more options to choose from," says Redfin's Chief Economist Daryl Fairweather.
Sellers who list their home competitively at or just below-market value will likely receive multiple offers. However, sellers who price above market value will inevitably have to drop their price.
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