Many Westfield Buyers are in the market to upgrade from their current home. They know what the local market is like. They know which area they want to live in. The location and design of your Westfield home rank high in its desirability. But if you price it too high, the location and design won’t matter. The right price means a quicker sale for your Westfield home.
Pricing Your Westfield Home to Sell
Even the most well appointed home in the best neighborhood can sit on the market if it isn’t priced properly. Studies show that the longer a home stays on the market, the lower the sale price it receives. The right prices means a quicker sale for your Westfield home. But how do you determine what the right price is? Get together with your Westfield REALTOR@ to discuss the following subjects. They’ll help you create a pricing strategy that works for your home.
Look at Recent Neighborhood Home Sales
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The first rule of pricing involves looking at recent sales in your area. Timing is critical in real estate. Look too far in the past and the data is obsolete. Concentrate on nearby sales that closed within the last 30 to 60 days. While finding an exact match to your own Westfield home would be almost impossible, look for something similar in size and amenities. Active listings only give you a glimpse at what other sellers want their homes to sell for. It doesn’t necessarily reflect a realistic sale price. Actual sale prices will.
Current Market Trends
Next, do you want more for your Westfield home than what your current market will allow? Don’t need to sell your home right away? You might be tempted to overprice your property and just “wait it out”. That’s a gamble I wouldn’t recommend. If prices are appreciating rapidly around you, it might pay off. However, if the market is stagnate or prices are on the decline, you’ll end up lowering your price to chase down the market. That could cost you more time than necessary and reap a much smaller reward.
Room for Negotiation
Finally, slightly overpricing your Westfield home could be a good marketing strategy. This leaves a little room for negotiation. Buyers want to feel like they’re getting a deal. Their initial offer might come in just below asking, which could be your actual target price. Keep in mind that there is a fine line between a “slight overpricing” and “unrealistic pricing”. Price it too high and Buyers could ignore your home altogether. Listen to your REALTOR@’s advice.
The right price means a quicker sale for your Westfield home. The wrong price could cost you time and money. Contact me to find out more about getting your house sold now.
Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes