How to Price a Home When Going on Market

Pricing a home in Oklahoma, or anywhere else for that matter, involves a mix of research, analysis, and understanding local market conditions.

Working with a seasoned real estate agent. such as myself, can bring you the highest value with the least amount of stress.

My contact info is at the bottom of the article if you'd like to meet and get a free assessment.

Here’s a step-by-step guide to help you:

Research Comparable Properties: Look for homes in your neighborhood or similar areas that have recently sold. Focus on homes with similar size, condition, age, and features (e.g., number of bedrooms, bathrooms, lot size).
Compare Prices: Once you have a list of comparable properties (comps), analyze their sale prices. This will give you a baseline for what similar homes are selling for in your area.
Consider Market Conditions: Is it a buyer's market (more homes for sale than buyers) or a seller's market (more buyers than homes)? This can significantly impact your pricing strategy.
Factor in Location: Location plays a crucial role in pricing. Consider proximity to schools, amenities, transportation, and neighborhood desirability.
Assess Your Home’s Condition: Be realistic about your home's condition compared to the comps. Updates and renovations can increase value, while neglect or needed repairs can decrease it.
Calculate Price per Square Foot: Divide the sale price of each comp by its square footage to calculate price per square foot. Use this figure to estimate your home's value based on its size.
Adjust for Differences: If your home has features that differ from the comps (e.g., a larger yard, newer appliances), adjust the price accordingly.
Consult with Real Estate Professionals: Real estate agents and appraisers have expertise in local markets. Their insights can provide a more accurate assessment of your home's value.
Consider Market Trends: Look at trends in your area, such as average days on market, to gauge how quickly homes are selling.
Set a Competitive Price: Ultimately, aim to set a price that attracts buyers while maximizing your return. Overpricing can lead to extended time on market and price reductions.
Prepare for Negotiation: Buyers may make offers below your asking price. Be prepared to negotiate to reach a mutually agreeable sale price.
Review and Adjust: If your home doesn't attract interest after a reasonable time, reassess the pricing strategy and consider adjusting accordingly.