Pricing Your Home

Pricing your home is both an art and a science. Achieving the optimal price is the result of both objective research into comparable properties and a gut feeling about your property and the current market.

The right price should:

  • Attract buyers
  • Allow you to earn the most money possible
  • Help you sell as quickly as possible

The simple fact is, price is the number one factor that most homebuyers use to determine which homes they want to view. And it's important to remember that, although the price is set by you, the value of the home is determined by the buyer. Try to avoid allowing your enthusiasm to impact your better judgment - overpricing is a common mistake that can cost you in the end.

The Importance of Proper Pricing

  • Faster sale and less inconvenience
  • Exposure to more buyers
  • Increases Realtors® response
  • Generates more advertising/sign calls
  • Attracts higher offers
  • Means more money to seller
  • Avoids being "shopworn"

What really matters is how your home stacks up against the others currently offered for sale and recently sold in your neighborhood. Buyers will be comparing.

Common Reasons for Overpricing

  • Over-improvement
  • Need
  • Purchasing in higher-priced area
  • Original purchase price too high
  • Lack of factual data
  • Bargaining room
  • Move isn't necessary
  • Assessed value
  • Emotional attachment
  • Opinion of family and neighbors

Dangers of Overpricing

  • Most of the activity on your home will occur in the first few weeks. Pricing a home properly and then creating immediate urgency in the minds of agents and buyers is critical.
  • Buyers who have seen most available homes in their price range are waiting for the "right house" to come on the market. That's why if a house is priced right, it will sell quickly. The buyers are there waiting for it.
  • Don't start with a high price and the assumption that you can reduce it later. By the time you decide to lower the price, it may be too late, as interest will have alreadywaned.
  • A major cause for concern is appraisal problems; overpricing can lead to loan rejections and lost time.
  • Even if your home is nicer than other homes in the same area, your house won't be picked for viewing if you set the price too high.
  • Buyers and agents become aware of the long exposure period and often are hesitant to make an offer because they fear something is wrong with the property.
  • Attracting the wrong buyers.
  • Fewer potentially qualified buyers will respond.
  • You might help sell similar homes that are priced low.
  • You could lose money as a result of making extra mortgage payments while incurring taxes, insurance and unplanned maintenance costs.

The Role of a Real Estate Agent in Pricing

  • Provide you with a comparative market analysis (CMA), a comparison of the prices of recently sold homes that are similar in terms of location, style, and amenities. A CMA is performed by comparing previously sold homes in the area, and currently active homes to know your competition.
  • There is no "exact price" for real estate
  • We don't tell you what we think your home is "worth".
  • The market determines value…together we determine the price.
  • You determine the price based on the factors you control:
        - Marketing time
        - Financing alternatives provided
        - Condition
        - Exposure method
  • Keep in touch with market trends and keep up to date with market activity of comparable homes.
  • Estimate your net proceeds.
  • Help to determine offering incentives.

An agent has NO control over the market, only the marketing plan. Never select an agent based on price.

5 Star Review
Allie Broeniman  See Google Reviews on Renard Realty Business Page
Allie Broeniman
006Morgan????? 9 weeks agoShane was great to work with! He was very responsive and always open and willing to help and answer all our questions. He made buying a home a smooth process. Would highly recommend!!

See Google Reviews on Renard Realty Business Page 
Morgan & Shane Miller
Scott Oconnor????? 10 weeks ago - 5 StarsThe user didn't write a review, and has left just a rating.
See Google Reviews on Renard Realty Business Page.
Scott & Carla O'Connor
Tom B????? 14 weeks agoShane is one of the best agents you will ever meet. He is a data junkie, he can tell you exactly what your house will bring in the current market and he has the facts to back it up, if you ever get to watch him work up the numbers, you will be amazed at how savvy this guy is. He will bring you $20,000 to $60,000 more for your property than most other realtors will, but at the same time, if you have an unrealistic price in mind, he will tell you point blank you may have to let the property sit on the market for a long time to get the price. He is highly efficient. Because he is so good, he is extremely busy. Send him emails, and you will always have an answer by the next day. When a realtor is showing 8 properties and writing offers on 2 of them in a day, he may not have time to respond to your voicemail, if you text while he is with another client, he will definitely be focused on his client, not on his phone. That's how I'd like my realtor to be. If you send an email, he sits down to respond to all his emails in batches several times a day, and you will get a response to your issue at that time. I've listed with Shane 5 times over the last 3 years, and he's gotten me $130,000 than any of the next highest realtors quoted me, and I checked with quite a few of them. I've seen some other negative reviews on here, and I think that if a realtor can get you an average of $26,000 extra for your property, it's well worth the time to figure out his preferred communication style. You'll be happy you took the time to get to know him, and your bank account will be too! 

See Google Reviews on Renard Realty Business Page
Tom Broadhagen
Tia Duncan????? 5 days agoShane is a consummate professional. He goes above and beyond to promote and market his listings. And, let’s talk about those videos! OMG! They showed our home in the very best light. We would only ever use Renard Realty. Thank you, Shane!
Tia & Kelly Duncan
ashley brault????? 5 days agoShane was amazing to work with he helped me buy my old home as well as my current one and is now in the process of selling my old home for the second time, already have people interested before its even hit the market!
Ashley Brault
Steve D????? 5 days agoI've worked with Shane for several years on many deals and have always found him to be very responsive and proactive. I will continue to utilize him, and recommend him to anyone looking for a great realtor.
Steve Donovan
Yvonne Kabara????? 5 days agoFirst time home buyer - looking for my retirement home. Shane Renard was amazing! He listened to what I wanted and worked very hard to find me a good fit for my needs. Shane is honest, hard working, and cares about his clients. I would strongly recommend Shane to any buyer or seller. Yvonne K.
Yvonne Kabara