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Q: How Do I Price My Home for Sale?

If you’re selling your home, you need to know how to price it correctly.

How do you price your home to sell in today’s market? In addition to location and condition, the asking price for a house is at the top of the list of critical considerations for buyers. When a potential buyer is looking for a property, they want to get the best possible value for their dollar. That doesn’t mean a home should be priced too low, but it does mean that knowing how to price your house correctly is a must. 

Regardless of whether you’re in a buyer’s or seller’s market, every seller must know the true value of their home with the help of an appraisal or comparative market analysis (CMA). This information will help you choose a list price that does not exceed the home’s value. At the same time, you’ll know how to react to various offers. If you can select a price that is affordable to a range of buyers, you may receive multiple offers, thereby sparking a possible bidding war among interested buyers, which drives the price up. 

Do your homework; the asking price should not be based on an appraisal alone, but rather a combination of factors, such as recent selling prices for comparable houses in the area, known as “comps.” Essential comparisons include construction year, square footage, views, interior upgrades, features that make the property unique, etc. When doing your research, check out the current listing and asking the price for each home available in your area. 


“Do your homework!”


Set a realistic timetable. When researching the sales price of comps, also note the length of time the houses have been on the market. Some properties sell virtually overnight, while others may remain on the market for months. If you want to sell your home quickly, remember that a bargain will move quicker. However, it’s important to make enough from the sale to feel good about the decision you made. If you’re in a hurry to close, speak to your real estate agent about a fair starting price that’s at or near the appraised value of your home. 

Finally, you should ask your agent for advice; while you always get the final say on asking price, most sellers ask their Realtors for their opinion. Real estate is their business, and they’ll be working with you through every step of the process. If you choose an agent you trust, consider the advice they offer; they know what they’re doing.

As always, I love hearing your comments and questions, so write them in the comments below. If you have specific questions about pricing your property or real estate in general, reach out via phone or email. I would love to help you.

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John Lyons

Tired of traveling week-in and week-out for his corporate job, John Lyons decided to start his own real estate business. Lyons could not have predicted how well his background would prepare him for a career in real estate. His journey has been a long and successful one. After graduating from Indiana University in 2001, he took a job selling copiers at Minolta Business Solutions. After building an impressive track record there, he was hired by BrainLAB, Inc. to sell image guides surgical systems. He quickly rose to become one of the top sales representatives for the company. Seven years later, he was hired by Midwest director of sales IMRIS, for their intraoperative MRI and integrated operating room solutions. Now he has a new outlet for his sales abilities: real estate. A Chicago Association of Realtors Top Producer and recipient of Baird and Warner’s Founder’s Club award for the past four years, Lyons had a record 2018, selling more than 11.7 million in real estate. This marked an 18 percent increase over his 2017 numbers. “I was able to accomplish this through daily prospecting and providing a high-level of service for my clients,” he says. In testimonials, his clients say he is patient, trustworthy, personable, knowledgeable, and professional. “Each and every client is so different,” he says. “It’s important to truly understand their needs so you can best serve them. Listening build trust, which is so incredibly important in our business.” A member of the Lakeview Chamber of Commerce, he assist clients in a variety of neighborhoods, including the Near North Side, Lincoln Park, Lake View, Uptown, Ravenswood, Logan Square, West Town, and the Loop. He is quick to admit the best education he has ever received was from his 6 years of service in the United States Marine Corps. Lyons donates $200 per transaction to the Neonatal Intensive Care Unit at Lurie Children’s Hospital. “I am running the Chicago Marathon in 2019 for Lurie Children’s Hospital,” he says. “I have a lofty goal this year, to qualify for the Boston Marathon a second time. Since the beginning of the year, I have been spending at least four hours a week training for the October 13 race.” Results matter, here are John's Listing Numbers: Average list to sell ratio - 98.2% Average days to closing - 52 Listings taken to listings sold - 99%

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