Pricing your house for sale in Midland requires the perfect balance, similar to Goldilocks and the Three Bears. You’ll need a price that’s just right! A price that attracts a buyer, makes sense in the current real estate market, and gets you the best return.
Goldilocks may have taken her time but maybe that’s a luxury you don’t have. So here’s several tips for how to price a house for sale in Midland and the surrounding area in Texas.
Don’t Price Your House Too High
First impressions are super important when selling a home in Midland. Your house’s market debut is your first chance to attract a buyer and it’s important to get the pricing right. Don’t scare potential buyers away with a scary high price. If your house is overpriced, you run the risk of buyers not seeing, or ignoring, the listing.
Let’s say you want $149,000 for your home, but you decide to list it at $199,000. Just to see if anyone will bite and pay the higher price. A buyer in Midland with a budget of $149,000 may search Zillow for homes priced through $150,000. Since you set your initial price too high, your home won’t appear in any of those search results, and you could miss out on a potential buyer.
Don’t Price Your House Too Low
On the other end of the spectrum, we see a lot of homeowners setting their initial sales price too low. And this can also have some unintended problems. Listing a home below its market value is a strategy some homeowners use to generate interest in a property, hoping for a bidding war. It’s also used by sellers who need to sell a house fast in Midland.
If you price your house too low, you could end up leaving some serious cash on the table. Cash that belongs in your pocket! A bargain price could also turn some buyers away, as they may wonder if there are any underlying problems with the house.
Consider the Comps
Comparable sales, or comps, are recently sold homes in your area that are similar to yours in size, location, and features. With comps on your side, a local real estate agent can put together a comprehensive report called a comparative market analysis. Also known as a CMA. A CMA can help you determine a realistic listing price for your house in Midland.
Don’t Overvalue Your Home’s Enhancements
You may have put a lot of hard work, time, and money into improving your house over the years. And it’s difficult not to look at those upgrades and place more value on them than they’re actually worth. While some home renovations can increase the value, it’s not likely you’ll get the full dollar amount back that you put into it. Before investing in any improvements, look at comparable homes for sale near you to see if upgrades are in line with the neighborhood and if they appear to have an impact on resale value.
Leave Your Emotions Out Of It
Let the market research be your guide when pricing your house for sale, not your emotions. Buyers don’t care how much you paid for the house, or the sweat equity you’ve poured into the property. They have no interest in the years of family memories created in the home or how much profit you’re hoping to make.
Stay Agile! Adjust the Price as Needed
If your house isn’t attracting the offers you hoped for, it may be time to discuss a new pricing strategy or listing approach. Try to figure out why your home isn’t selling and be open to making adjustments that will fix the problem. Also, don’t waste time trying to decide on a new pricing strategy. It’s important to move fast.
So, What’s Next?
You always have the option of listing with a local real estate agent or selling your house on your own. But there’s also the option of selling your house to a cash home buyer like Thousand Hills Properties. We buy houses fast in Odessa, Midland, and the surrounding towns in Texas. Contact us today for a fast, free, no-obligation cash offer. We hope to hear from you soon.