This is the second post in a blog series on tips for selling a home in a bidding war. So far, we’ve covered Part 1.
Tips for Selling a Home – If You Want to Start a Bidding War, You Have to Price Your Home Competitively
Competitive home pricing is a strategy that is used most often in very competitive real estate markets, like Northern Virginia, where it’s common to see low inventory of homes for sale and seasonal sellers markets. This strategy involves pricing a home right around market value, or even slightly underpricing a property. Some people have the mistaken notion that it’s done just to sell a home quickly. Perhaps some sellers do that, however selling a home quickly isn’t the end goal of competitive pricing, but rather a result.
Competitive pricing is counterintuitive to a lot of people who subscribe to a nugget of conventional wisdom from days gone by in the real estate industry that involves pricing a home above market value with the understanding that you will sell it for less. There’s nothing inherently wrong with this strategy at all, but it presumes that you will have someone to negotiate with. If you’re going to price your home higher than market value intentionally, be sure to not price it excessively high.
If you’ve read other articles on my blog, one my tips for selling a home for top dollar involves pricing it correctly, regardless of whether you use the strategies in this particular article. If your home is way overpriced, buyers will pass you right by, at least early in your listing period, simply because they know you’re not being realistic and they probably don’t want to offend you in the first couple weeks with what you perceive will be an extreme low ball offer.
Read Part 3 in this blog series on tips for selling a home in a bidding war.
Are you looking for more tips for selling a home in Northern Virginia? Call me at 703-462-0700 or email me at DarrenRobertsonHomes@gmail.com so we can discuss your home sale goals. I'll provide you with a free comparable market analysis, which will give you a good idea of how much your property is worth in the current real estate market.