Home Pricing 101 | Smith Mountain Lake Real Estate | Vicki Millehan

Home Pricing 101

Home Values at Smith Mountain Lake

So many sellers either come into a listing appointment with a pre-conceived price on what there home is worth or on the flip side they come to the appointment having no clue as to an accurate home pricing strategy. While it is really an agent’s job to better inform the client of the current market conditions; a pricing strategy can be hard to agree on at times.

An increase in inventory is projected for the Smith Mountain Lake area this selling season. What does this mean for sellers? It’s still a good market to sell as we have been experiencing a higher average sales price. However, with more competition in the market this equates to the need for the property to be priced properly from the beginning. As properties that are put on the market at a higher price, only to later have the price reduced sit on the market longer because they decrease potential buyer interest and ultimately end up selling for a lesser value as opposed to what they would have sold for if they had initially been priced appropriately for market conditions.

Pricing Your House Right The First Time at Smith Mountain Lake Is Very Important

Contrary to popular belief by some sellers a Zillow ‘Zestimate’ is not an accurate pricing strategy for listing a home for sale. In fact nearly 90 percent of sellers utilize the service of a Realtor® when selling their home according to a profile of homebuyers and sellers done in 2013 by the National Association of Realtors. Sellers often do have an emotional attachment to their home and because of this some may think that the home is worth more than the market may allow.

Some Interesting Statistics from the National Association of Realtors:

  • Recent sellers sold their homes for 97% of the listing price.
  • 47% had reduced the list price (at least once).
  • 36% of sellers offer incentives to attract buyers. This commonly encompasses a portion (or all) of closing costs and/or a home warranty policy.

Did you know that the average seller has lived in their home for 9 years? Whether you are trading up or downsizing, the Smith Mountain Lake area has many great real estate opportunities. To get your free, no obligation home pricing analysis contact me or call me direct at 540-520-2401.