Strategic Pricing
Kyle Henry • January 17, 2023
Proper pricing and timing is crucial for a successful sell.
When it comes to pricing, there are some factors that are always true for any market, and some factors and approaches vary depending on the current state of the market. Below we discuss factors that are always true of any market that we use as our guiding in properly pricing your home for a successful sell.
Your Home's Value
The value of your home, and what it will sell for, is determined by five key factors.
- Price. It is critical your initial offering price be aligned with the market. Depending on the state of the market, we might start lower or closer to where we want to receive offers, but meeting that market expectation is key. Price too high and you miss potential buyers, price to low and you might miss the best buyers.
- Location. As the saying goes, "location, location, location." While desirability varies buyer to buyer, there are some factors that will always impact the macro desirability of your home. Accessibility to shopping, community amenities like parks and schools, or a freeway all impact the value of your home.
- Condition. Most buyers want a home to be turn-key ready, and to get the best price, we want your home as close to that as possible. Proper prep is key to maximize your returns. We ensure homes are in a condition that meets market demand, and if opportunity allows, enhance the property's condition to better position it on the market.
- Competition. Supply and demand is a basic but relevant principle in the value of your home. If there are several other homes on market, buyers have more choice, which impacts the value of your home. In desirable neighborhoods where there is little turn-over and limited supply, there's less competition and more demand.
- Timing. The real estate market is cyclical, with fairly predicable patterns of buyer activity. To capture the attention of the most buyers, it's supremely important to time your home's market debut.
On Market Timing
The Window of Opportunity is our grand premiere period - the first two weeks we have to make an impression with buyers and agents. The market will dictate the final sale price of your home, and how long it's on market affects that as well. In our market, well-positioned properties don't last long and sell for the price you want. Properties that linger on the market are subject to scrutiny and price adjustments to increase interest.
Priced Right at the Start
Proper pricing is crucial for a timely and successful sell. Using macro and hyper-local Market Data to guide, the CKH Team will provide a detailed review of recommended pricing three times throughout the preparation process, prior to going to market. We will not play games with pricing. Our market is emotional, not dictated by price per square foot. Floorplan, usage, materials, condition, topography, and location within a neighborhood all come into play when pricing a home.
FOR NEWS INQUIRIES
Kyle Henry
Director of Marketing
Kyle.H@CarolineHuo.com
650.727.1308
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