Friday, June 25, 2021 / by Brad Brethouwer
How to Price Your Home Correctly
Here’s what you need to know about pricing your home this summer.
I’m sure you’ve all heard how insane our real estate market is right now and that homes are selling quickly for over asking price. However, it’s not like that in every area and price range, so you need to do your research and look at the data for the areas in which you’re buying or selling. The median price in Dane County is currently a little above $300,000. Prices keep increasing, but eventually, buyers will get to a point where it’s simply too much, and they won’t pay those prices for homes anymore.
If you’re preparing to sell your house this summer, look at comparable sales in your area, and price it according to what you see on paper because the major things sellers are running into are appraisal issues. For example, when a house’s price escalates from $300,000 to $350,000, you have to be able to support that price on paper to have the appraisal match it. If the appraisal comes up short, that’s a whole other topic, and I’ll make a video about that soon.
If you price your property correctly, you’ll get many showings over a weekend or within three or four days. We like to start showings on a Thursday, end them on Sunday, then review offers on Monday. You can typically count on having offers to review by that point, though the showing flow has started to slow a bit lately. Generally, you’ll have anywhere between 12 and 50 showings within four days and between two and 12 offers. I’ve even heard of people getting 20 offers, which is crazy. It all depends on where your home is and what the demand is like in your area.
If you have any questions about selling or want to know what your home is worth, visit our website or send us an email. We would love to be your real estate resource.