The Art (and Science) of Pricing Your Home

Pricing a home for sale is part art and part science, and requires a good knowledge of the general market in the area, the specific sub-market the house is in, and the neighborhood the house is in. A good Realtor® keeps up with the market dynamics (which can change from one month to the next), and has the research tools available to be able to set the price such that you get the best price for your home. I generally spend at least a couple hours doing research of the market, house, and surrounding area before giving my clients pricing recommendations.

Here are some general observations:​​

  • The Market Will Set the Final Selling Price

  • Don't think that Zestimate is correct. It often doesn't take into account upgrades that may have been done, school boundaries, and where neighborhoods change.

  • It's better to underprice and generate more interest among potential buyers. To sell your home at top dollar, you want lots of potential buyers to come and look at your house. It generates a sense of excitement and urgency.

  • Don't overprice your home. The longer it is on the market, and the more you drop the price, the more potential buyers think something is wrong with the house.

  • Listen to your agent's advice. They have the tools to do the research to determine the best listing price.

  • The Market Will Set the Final Selling Price

Pricing your home

Part Art, Part Science