Settling on a listing price for your home can be a challenging process. You can’t just pull a number out of thin air, put it online, and expect the offers to come rolling in.
Especially in luxury real estate, your listing price has to be justified by the current conditions of the market as well as the unique features of your home. Hitting the wrong note with your initial price can seriously impact how long it take you to sell and how high the final offer ends up being.
Here are a few things for you to keep in mind to help you reach a number that works for you and your potential buyers:
Start with a comparative market analysis.
There are a lot of comparative market analysis tools available for sellers who need help determining a price for their home. Simply ask your agent to generate a report for you or use the custom market report feature on our website to do it yourself.
You should also do your own separate research into other listings in your area. Look at properties with square footage within 10% of yours, about the same age, and within a few miles of your location to get a more accurate idea of where your house might fall.
Don’t let emotion cloud your judgement.
Just because your home is where you and your spouse got married and your baby took their first steps, doesn’t make it worth more to your prospective buyers. Nobody is going to have the same emotional investment in your property as you. Try to put yourself in your buyers’ shoes and remember that your fond memories don’t translate to monetary value.
Be prepared to cut the price if necessary.
The longer a property sits on the market, the more it depreciates in value. You need to be able to recognize (or listen to your agent) when you’ve listed too high and willing to lower the price accordingly. Older listings are not appealing to buyers, so one large upfront price correction will be more effective than lowering it slowly over time in hopes that someone bites.
At Leibowitz Realty Group, our agents have access to the best and most up-to-date resources available in the luxury market. Using the information we gather and our experience in the luxury real estate industry, we’ll help you price your high-end property to sell.
Contact one of our agents today to learn more about how we can help you with your home selling or buying needs in Palm Beach County!