#1 Tip: Start with an accurate list price
In order to get the most for your home, it is critical that you list your home at market value.
Bōde arms you with fully transparent data so you can price your home easily and with confidence.
Here are the 3 tools that give you all the information you need:
- Market Data gives you neighbourhood-level data so you can trends. If the market is going up or down and how long it takes to sell homes in your neighbourhood.
- Sold Data provides the sold price on homes in your area. You know which homes are similar to yours that just sold, so now you can see what they sold for.
- Comparables arms you with the sold prices on homes that are similar to yours.
Trust the data to get the best price for your home
#2 Tip: Do not over price your home
The reason you need an accurate list price is to avoid the overpricing trap.
Here’s how the overpricing trap happens.
Step by step:
- You set a high list price (above ‘Market Value’) hoping to attract a high offer.
- No offers come in, so you sit and wait.
- While you wait, your overpriced home helps make more competitively priced property look better value for money – you actually help others to sell before you!
- Eventually you give in and make a small price reduction. You wait but it does nothing, so you reduce the price again. You repeat this process until you reach the point where your property is priced at ‘Market Value’. Now it should sell but it doesn’t.
- The problem is because so much time has passed, and the property has been so overexposed to the market, it’s become a ‘stale listing’.
- Buyers start to think “What’s wrong with this property?” – They have lost confidence your home is a ‘good buy’ and continue to stay away.
- To generate offers you have to reduce your price below ‘Market Value’ to counteract the negative stigma now attached to your home.
- As counterintuitive as it seems, properties initially priced above ‘Market Value’ tend to sell for less than if their original prices had looked more attractive to buyers.
End result = You undersell & lose thousands of dollars
Many sellers have to live in denial about this and are forced to tell themselves there’s no way such a struggle could have resulted in anything other than the best possible price being achieved.
That’s a horrible fate that we will help you avoid.