This isn’t Jeopardy – you can’t choose your price, the data does.
In this blog we explain everyone’s favorite topic: Money.
Specifically, why pricing a home matters so much because believe us, it matters a lot.
For the Seller: At the Nikki Miller Team, our goal for every seller we work with is to net you the most amount of money, in the shortest amount of time, in the most seamless transaction possible. As much as we would like to list every home with an exponential number of zeros at the end, we understand that just assigning a number to a property does not guarantee it will sell at that price. Instead we strategically price your home based upon market data. As your Listing Specialist, it is our job to present all of this data and help you decide on a specific price that will attract buyers because our goal isn’t just to list your house, our goal is to achieve what you hired us to do and that is to actually sell your house. Remember we are on your team through this process, we want you to be happy with the listing price of your home as well as price it competitively with other homes on the market.
Overpricing can have dire effects on the sale of your home. It leads to longer days on market, price reductions, more leverage for the Buyer and ultimately less money in your pocket. After all, what do you think about a home when it has taken price reductions and been on the market for longer than the market average? We bet you said “what’s wrong with it?”, didn’t you? Well, that is what buyers think too and frequently there is nothing wrong with the home save the fact that it wasn’t priced correctly to begin with…well, that and they clearly didn’t hire the Nikki Miller Team.
For the Buyer: When one of our Buyer’s Agents is ready to write an offer on your dream home for you, they will present the market data to you to help you decide the right price to offer. Let us repeat this phrase – they will present the data to help you decide what you want to offer. The purchase price is 100% your decision! We’ll also help you navigate this market of multiple offers and how much over asking you may need to offer depending on how many offers you’re competing against. We also ask strategic questions to the listing agent to find out what is most important to the seller in order to get your offer accepted, it’s not always about price, very frequently we get our client’s offers accepted because of strategic terms and presentation.
What if the home is overpriced?
We will explain the numbers to you! The Nikki Miller Team’s agents are all here for your best interest. We want to help you as the buyer into your dream home while making the home buying process as easy and personable as possible. We will present the data to you and let you know if the home is overpriced base of comparables and let you decide from there whether the home is worth the price tag or not.
What if the home is underpriced?
Trust us, it happens. Our job is to help you navigate if it is a pricing error or if there is really something wrong to warrant the price below market. Before making any quick decisions, remember you will be able to perform as many inspections on the home as you would like during the purchase process. During this time, the inspectors (read our blog – Who You Need To Know During A Real Estate Transaction) will inspect the home for anything that could be concerning. If you are comfortable with the inspectors findings and proceed with the transaction – you might have just gotten a great deal on your dream home!
Until next time, work hard and be nice to people.