Over Pricing a Home Will Kill Your Value

Pricing a home in a declining market to get it sold within 30 days requires a strategic and realistic approach. Here are the key steps to ensure a fast sale:

1. Research Comparable Sales (Comps) - Working with the Kim & Dave Luxury Team you will not only get a CMA you will get a Tarket Market Analysis with a Competitive Pricing Model!

• Look at recent sales: Focus on homes that have sold in the last 30-60 days, as these will reflect current market conditions.
• Examine active and pending listings: These show what buyers are currently considering and how the competition is pricing homes.
• Adjust for market decline: If home prices are falling, reduce the price slightly below the most recent comparable sales to stay competitive.

2. Price Below Market Value to Drive Value in the Eyes of a Buyer.

• Be aggressive with pricing: Set the price 1-3% below the most recent comparable sales or competing active listings. This attracts attention and creates urgency.
• Avoid overpricing: In a declining market, overpricing leads to longer days on the market, which can further reduce the home’s perceived value.

3. Consider Days on Market (DOM) Trends

• Look at average DOM for the area: Price the home in a way that positions it to sell within this timeframe, or even quicker.
• Analyze recent unsold listings: Understand why certain homes didn’t sell—often due to overpricing—and avoid making those mistakes.

4. Adjust for Condition

• If the home needs updates or repairs: Price it lower to account for any work buyers would need to do. In a declining market, buyers expect a discount on homes needing improvements.
• Highlight the move-in readiness: If the home is in excellent condition, use that as a selling point but still price competitively.

5. Monitor Feedback and Act Quickly

• Get early feedback: If the home doesn’t get showings or offers in the first week, be prepared to make an immediate price adjustment.
• Price reductions: Be proactive rather than reactive—adjust the price within the first two weeks if necessary to stay ahead of the market decline.

6. Offer Incentives

• Closing cost assistance or buy-downs: In a declining market, offering to cover part of the buyer's closing costs or buy down their interest rate can make your home more appealing without further lowering the price.

7. Marketing Strategy

• Target the right buyers: Use a data-driven approach to reach motivated buyers in the area.
• Highlight price reductions: Make sure the price is clear and attractive in all marketing materials to ensure it stands out.

In summary, pricing slightly below market value, considering the home’s condition, acting quickly on feedback, and offering incentives are the most effective ways to get a home sold within 30 days in a declining market.

Kim and Dave Luxury Team Powered By LPT Realty

Kim & Dave Donahue

Call Kim ☎️ 1 (941) 724-2587

Call Dave ☎️ 1 (813) 557-1072

for your private showing!

www.SarasotaPropertyMatch.com