Are thinking of selling your home? Is your home in the Tampa Bay area? When it comes to selling a home in the Tampa Real Estate Market, one of the most difficult pieces of the puzzle is pricing. And for real estate agents, it can be one of the most difficult conversations to have with clients.
As a seller you don’t want to come in too low and leave money on the table, but you also know that you don’t want to price yourself out of the market, either. For sellers, this difficult situation can cause you to ignore the sound advice of a seasoned agent. It’s our job to help our clients find that happy medium between the right prices that will get them the biggest payoff, be competitive in the current market, and leave them without seller’s remorse for parting with a home they love.
Pricing Homes to Sell in today’s market
Here are four smart ways to help you as a seller understand what the right price is for your home and get you on the way to a successful sale here in the Tampa Real Estate Market.
#1 The Data
#2 Take a Walk through the Pricing Criteria
#3 Build a Bidding War
#4 Setting Aside Emotional Attachment
Let’s start with:
#1 The Data
Real estate is a game of trust. Agents need to trust clients and clients need to trust their agent. These days, real estate consumers have access to more data than ever before. It’s a blessing and a curse. In many cases, this can be helpful and you (Seller) can be proactive about educating yourselves about the home selling process. But it can also be confusing—and a potential source of conflict—when you see one thing online and are then told another by their agent. And that’s understandable.
You need to remember (and be reminded) that real estate is a local game and can be highly nuanced. These factors can impact the price of a home and are often not captured in more general real estate data.
We will combat this hiccup, smart agents will by sharing the logic and data behind our thought process and be explicit as to how we arrived at the suggested listing price. As a Seasoned agent we will be open and willing to address questions from you the seller and work through the math with you. And, in turn, smart sellers will be open to hearing the why behind the pricing. A great sale depends on the home is listed at the right price and sellers being confident that they are getting the most money possible for their home.
#2 Take a Walk through the Pricing Criteria
While data and education can help alleviate some confusion over comps and a home’s list price, sometimes showing can be far more effective than telling. We can set up a time to walk through other on-market homes listed at the price you as a seller thinks your home should be listed for. Together, look at the specific features or elements that push that home to the higher price point.
Then, we will set up a time to walk through your home together. We’ll be able to examine the home’s nuances and unique features and talk about how it will impact the home’s price in relation to the bigger market. We will also discuss how things like upgrades and renovations, access to various schools, and family-friendly areas might affect the home value.
#3 Build a Bidding War
Isn’t your thought that you will get multiple buyers all competing for your home. Unfortunately, many times the biggest drivers of bidding wars—like school districts and market inventory—may be out of the your (and our) control.
If you are set on giving yourself the best chance at building a bidding war would be smart to remember that there are two ways to make sure your home’s listing and showing has the highest potential to drive multiple offers.
Staging the Home. Spending the money to clear out clutter and have the property professionally staged can boost both curb and walk-through appeal. When buyers see a well-appointed home, the intrinsic value goes up compared to homes that haven’t been given this boost of visual TLC.
Mention key selling points. We are well-versed in how to highlight key offer-drivers. However, you should be proactive in sharing the little things that only someone who has lived in the home can really appreciate. Things like closets with smart organizational systems or specialty energy efficiencies can be surprisingly big selling features.
#4 Setting Aside Emotional Attachment
You know you have poured love into your home (along with some serious sweat equity), it’s easy to have those acts blind you when it comes to pricing your home. As a homeowner you have put in the work, time, and love, and you want the selling price to reflect those!
But the truth is, buyers seldom care that the old owners lovingly carved that bannister by hand (they just care what it looks like and whether it’s their taste). Remember, smart pricing will help the right buyer see themselves in your home. The goal of setting the right price is to bring in as many viable, healthy offers as possible. Assigning value based on emotional attachment can be the biggest selling sabotage of all. You should love the home for what it was, hold tight to the memories and, ultimately, embrace the potential joy and life possibilities that can come from a successful sale here in the Tampa Real Estate Market.
Please check back frequently as we are always updating our site with helpful and useful information about Home Selling, Home Buying and Home Ownership. You can always reach Nick & Cindy Davis by calling us at 813-300-7116 or click here and we will be in touch.