The Importance of Pricing Your Home Correctly

Madison Wisconsin Real Estate Video Blog with Jo Ferraro

There are many great Madison, WI area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at 608-205-1321 for a FREE home buying or selling consultation to answer any of your real estate questions.

Today I am going to talk about one of the most important steps in selling your Madison home: Pricing. Pricing your home correctly could be the difference between your home selling quickly or going stale on the market.
While marketing and exposure are very important for selling your home, pricing is probably the #1 factor on whether or not you're going to be successful when you sell your home.
The first step in finding the right price for your home is determining its market value. Your home's value is calculated by many things including location, interest rates, and what other homes are selling for in your area. It's constantly changing because the housing market, just like the stock market, fluctuates.
One strategy home sellers try to use is pricing their home high to start off with, then lowering the asking price a little at a time. While you are more than welcome to use that strategy, my professional opinion is that it is not such a great idea. Statistics show that home sellers who initially price their home too high sell their home anywhere from 2-10% less than they would if they priced their home correctly in the first place.
Another problem that overpricing can lead to is giving your property a bad reputation. Agents and buyers will look at a home if it has been sitting on the market for a long time and will immediately question it. They will think that something's wrong with the property, or the seller is reluctant to give up the house and this will clearly turn them off. By overpricing, you are also giving an advantage to the other similar homes in your area that are priced correctly. They will sell faster and likely for more money.
To navigate these pitfalls and price your Madison home correctly, you need somebody on your side that knows the market in your area and can get you the most amount of money in the least amount of time. Give me or my team a call any time and we will be happy to give you an estimate on what we think your home could sell for. We do our research, look out for our clients, and sell over 100 homes a year, so we know what we are doing and can help you the best. Give us a call today or visit our website SoldInMadison.com