Determining the fair market value of your home is only the beginning of the process of choosing your home’s listing price. Many factors, including comparative market analyses and current market conditions are part of our pricing strategy. We also consider what is currently motivating buyers in the area, how we think they will respond to your price, and what your selling goals and expectations are. Here is what you might expect when listing your home at different points on the pricing spectrum.
1. Listing a Home at Market Value
You and your real estate agent have done all your homework and determined that the fair market value of your home is $250,000. This price meets your financial goals for selling the home, and you’d like it to sell quickly, but you’re not in a hurry. The initial interest on your listing will probably be high as buyers in the area come to see what the newest listing has to offer.
You have a good home at a fair price, so anyone searching for a bargain won’t bite just yet. You’ll have to wait for an earnest buyer who likes your house to come along. In Wilmington the average home is staying on the market for about 177 days, or about six months, and you can probably expect to fall in the three to five month range. After a little negotiating, you’re likely to sell for right around your asking price, perhaps a bit under at $240,000 to $245,000.
2. Listing a Home Below Market Value
This is an option you should consider when you need your home to sell quickly. Home buyers love to get a deal and if you put your home 10% to 20% below market value, or between $200,000 and $225,000, there’s a good chance that you’ll see considerable activity and a faster sale.
You’ll want to consider the current housing market in your area before listing your home at a bargain price in hopes of a quick sale. Heading towards the summer season in Wilmington, prices are on the rise again and the average number of days on the market are starting to fall so you want to make sure you don’t price your home too low or you could be selling yourself short.
3. Listing Above Market Value
If you’re trying to make a few extra bucks and you’re not up against a deadline, you can list your house above market value, say 10% above or $275,000. You can expect your home to stay on the market a bit longer, and you should be able to readily present to buyers why your home is worth more than others in the neighborhood.
Stage the home to perfection and make sure that the landscaping is impeccable. Consider upgrading appliances or any perceived flaws in the kitchen and bathroom. Buyers will still try to negotiate your price down, but if you’re patient you may be able to sell for slightly above market value, perhaps around $265,000.
Priced to Sell in Wilmington
Current trends in Wilmington show a steady movement towards a seller’s market, but we’re not quite there yet. You can see, however, that your needs as a seller are just as important as impressing the buyer, no matter what the market conditions are. If you’re ready to sell your home, contact us so we can help you zero in on the number that will work for you.