How To Price My Home For Sale For The Maximum Profit?
Every year I run the statistics to see what is the best strategy for marketing and pricing for my Georgia home sellers. It’s this research that keeps the Jarvis Team out in front in terms of strategy with results. I’m not sure why I’m always surprised by the data, but I am. I guess ultimately I’m like most sellers who ask “How To Price My Home For Sale For The Maximum Profit?” and then are surprised as to what my answer is.
Price it to sell in 30 days.
It’s a fact all over the state of Georgia that if you want to net the most money possible you need to sell it in 30 days or less. Neighborhood by neighborhood this statistic is pretty staggering. In some highly desirable areas the statistics stand out even more, in some cases, if you price it to sell in 3o days, you don’t just net the closest to asking price, but you net more than 100% of asking. Johns Creek, Duluth, parts of Marietta and Roswell have this unique quality.
It’s worth noting that if you miss your price or try to squeeze out more money, in the long run you hurt yourself, as each 30 days a home sits on the market it will cost you another 3% of your asking price on average.
What About Re-listing The Home?
Homes do not sell because of 2 things.
1. Price
2. Marketing.
Marketing the property properly is probably less than 30% of the job, price is 70% at least. I can bring, drag and entice people to your home, but if the price doesn’t match, it won’t work. So it’s true that relisting your home can often increase your traffic or artificially generate interest. It’s also true that sometimes agents will miss key features, like a swimming pool for example, but ultimately it’s the price the sells it.
Our study concluded that homes that had relisted often got SIGNIFICANTLY less than their original asking price, proving that it was in fact pricing that makes the difference in the long run. In fact, on average, a home that was relisted that sold 30 days later was sold at 92% of their original asking price.
The moral of the story (or the answer to the question “How To Price My Home For Sale For The Maximum Profit?”) – price your home to sell in 30 days and market the heck out of in those 30 days.
Related Real Estate Resources:
