When it comes to selling your home, pricing is one of the most critical decisions you’ll make. It isn’t just about picking a number—it’s about strategically positioning your home in the market to attract the right buyers and secure the best outcome. As your real estate partner, my goal is to ensure your home gets the attention it deserves while maintaining its true value.
In this blog post, I’ll walk you through how we determine the right price for your home and why it’s not just a number—it’s a strategic tool.
Why Pricing Matters
Pricing your home correctly is about more than just hitting the right market value. It’s about understanding buyer psychology and market trends, and using that information to attract qualified buyers. When priced right, your home can spark interest, generate showings, and ultimately lead to competitive offers.
At The Blanchard Team, we take a collaborative approach to pricing, ensuring that you—the homeowner—are part of the decision-making process. After all, this is your asset, your home, and your future.
Our Three Pricing Strategies
We offer three distinct pricing strategies, each designed to appeal to different goals and market conditions. These strategies are based on market data, buyer behavior, and market conditions, and they’re presented as a price range to allow for flexibility and collaboration in decision-making.
1. Marketable List Price Range
This price range is designed to generate the most activity. It attracts the right buyers and gets them in the door. We arrive at this price by conducting an in-depth analysis of:
- Current market trends
- Recent comparable sales
- Buyer demand
The goal with this range is to ensure that your home is priced competitively while appealing to a broad pool of buyers. The right price in this range will encourage showings and potentially lead to multiple offers.
2. Stretch List Price (Aspirational Pricing)
Also called aspirational pricing, this is the highest price we’re comfortable with based on the current market. Sellers may choose this approach if they’re not in a rush and are hoping for a higher-than-market offer.
However, pricing too high can backfire. Buyers tend to avoid overvalued properties, and if your home is priced too high, you may get low-ball offers or, worse, no offers at all. Overpricing can also give buyers the impression that you don’t fully understand the market, which may hinder negotiations.
3. Best Strategy List Price
This is the recommended price that balances the right buyer interest and competitive offers. We use current sales data, buyer demand, and comparisons to determine this optimal list price. Often, this means pricing your home slightly below market value to create buzz and encourage more showings.
Many sellers fear that pricing too low might suggest something is wrong with the home, but pricing too high can lead to the same perception. Pricing it right—attractively but competitively—can spark interest and generate multiple offers, giving you a chance to negotiate from a strong position.
How We Know We’ve Got the Right Price
Once the price is set, we continuously track key indicators to assess if the price is attracting the right buyers:
- Number of showings: High showing traffic signals that the price is right.
- Offers received: Multiple offers indicate strong buyer interest.
- Market comparisons: We continuously monitor your listing against similar properties in the market.
If your home isn’t getting showings or interest within the first couple of weeks, it could indicate that the price needs adjustment. In fact, appraiser Jeffrey Otto suggests that if you’re not getting showings within the first 2-4 weeks, you could be priced 10% too high.
Final Thoughts
Pricing a home is both an art and a science. It’s about striking the right balance between understanding the current market, anticipating buyer behavior, and ensuring your home stands out in a competitive market.
With the Blanchard Team, we don’t just set a price; we create a strategic plan to ensure your home’s success in today’s real estate market. Whether you choose to price your home in the marketable range, go for a stretch price, or settle on the best strategy, our goal is always to maximize your return and get your home sold at the best possible price.
If you’re ready to sell or want more guidance on pricing your home right, I would love to hear from you. Reach out to me, and let’s discuss your unique situation.
Check Out the Full Video
For a more in-depth discussion on pricing strategies and how to ensure your home is positioned for success in today’s market, check out my full video on YouTube! Click here to watch
