Steps to Selling Your Home: Price Point

Hi, I'm Linda Smith, CEO of the Linda Smith Real Estate team in Rehoboth Beach Delaware, servicing all of Sussex County.


Yesterday, we discussed the first rule to selling your home on your own.  Do not move on to the next step until you conquer the first.  Get your emotions in check and move to step two. Step two is knowing your market. You must know your market inside and out. You must study the list price and sale price of all homes that have sold in your neighborhood over the last 12 months.  If you do not find 5 or more, move on to the closest neighborhood that is most like yours.  The goal is to find at least 5 homes that are the most like yours, and that have sold in the area.  This exercise is to help you find out the value of your home. PRICE POINT is the second most important thing you need to find.  Pricing your home correctly will be the difference between your home selling within 60 days or sitting on the market for a year. The worst thing you can do is price your home high "just to see what sticks" and then offer price reductions every 30 days. Doing this will send two messages to buyers 1) What is wrong with the house that they have to keep reducing? 2) Buyers will wait to make an offer because they will wait to see just how far down the price will go.  There are several other reasons to price a home correctly and I'll cover them through out my recommendations.


Linda Smith, Realtor
302-430-6161