Pricing and prepping your home to sell at the highest price requires strategy, even in a red hot market like Boulder County.
The best strategy is the one that suits your personal needs and local market conditions. For those reasons, your Realtor is the most reliable advisor for pricing your home. Your Realtor also can offer insights on improvements that will boost your home's appeal and value.
If you’re just beginning to consider selling, take a look at these pricing and prepping strategies reported by Realty Times. Depending on your local market, your Realtor may recommend these approaches to selling your home.
Price Just Under a Price Break
For a home valued at $600,000, list at $599,000 to increase the number of searches your home appears in and the potential buyers that see your home. Even better, prices that aren’t typical, such as $597,400, increase the perception of value.
Price to Drive Demand
The same $600,000 home could be priced at $575,000, which is slightly undervalued. This might seem risky, since all offers could come in right at $575,000. As the seller, you can counteroffer or decline any offer you don’t want to accept. The advantage is that an under-value listing creates a sense of urgency, potentially motivating more buyers to make an offer. If enough people do this at once, this creates a buyer frenzy and increases the likelihood of multiple offers and escalated prices.
Review Comparable Listings
Review a comparative market analysis of recently sold homes and those currently active, expired and off-market. Remember, it’s important to look at what isn’t selling, as well as what is. Your Realtor will prepare this report for you and recommend how you should price your home relative to the comparable listings nearby. Generally, it’s recommended to price you home within 10 percent of the average home price in your area.
Make Select Home Improvements
When choosing which home improvements to make, go with those that will make a positive first impression and sell your home quickly for the lowest investment.
Two proven updates to make are:
Replace carpet that is more than five years old or looks worn or stained. Consider replacing the carpet with hard floors such as wood, bamboo or cork. Here’s an extra tip: Using the same material throughout each floor of your home makes it look bigger and creates the impression your home is worth more.
Apply a fresh coat of neutral paint to brighten your home and cover up scuff marks and dirt. Neutral grays and earth tones will appeal to a cross section of buyers. You can even freshen your kitchen with chalk paint, instead of going to the expense and inconvenience of fully remodeling. Chalk paint looks great and is hard to distinguish from the original finish.
Decisions on how to price and prepare your home for sale are important and influenced by local factors. So once you get past the considering stage, consult your Realtor for the best professional advice for your neighborhood.
Owner and Founder
RE/MAX of Boulder