How to price your Wenatchee, WA home in today’s market

Pricing your home right in today’s market is important. You want to ask for the highest price possible, but you don’t want it to be too steep that you risk scaring buyers away. When the latter happens, your property might overstay in the market and force you to make price cuts.

All that can be avoided by understanding that pricing your home is both a science and an art. And here are a few things you can do to come up with the right numbers in today’s home buying market.

Get an experienced Realtor®

It’s tempting to skip real estate agent’s commissions by selling the home yourself. But you might make less from your home sale. According to this report by the National Association of Realtors®, FSBO sales in 2021 sold for a median of $260,000. Compare this to the median sold price of agent-assisted homes: $318,000. That’s a difference of over $50,000.

Apart from increasing your chances of selling your home for more, a Realtor® can guide you in the actual pricing process. This involves some of the points discussed below. But to sum it up, your Realtor® ‘s market knowledge and local expertise are indispensable tools that can lead you to the best, most realistic asking price for your home.

Study comparable homes in your neighborhood

Knowing the similar properties in your neighborhood can help you set the right asking price. But first, identify which ones are actually similar. These homes for sale in your area should have the same number of bedrooms, square footage, and lot size as yours. Home amenities and features, as well as age, are also factors to consider.

If you want a deeper look at local sales, add comps that are recently sold or are under contract. For the former, add the original asking price and the final sales price in your list of considerations. Doing so will give you an idea of the sale-to-list ratio in your neighborhood.

Lower your expectations about home improvements

Remodeling can give you a significant return on investment and raise home value, but it doesn’t automatically mean more sales proceeds for you. It can generate inquiries, but can it raise your home’s resale value? Unless you add to your home’s footprint by building another dwelling unit, an extra bedroom and/or bath, your property will stay in the same comps as others with similar features.

Prepare to change your home’s selling price

A lot of variables can affect your property’s listing price: market feedback, average days on the market (DOM), supply and demand, bidding wars in the home market, inflation, and the current economic climate, just to name a few. And when changes happen, it’s important to go with the flow. These forces are beyond your control. If it’s not urgent, consider postponing your home sale to a much better time.

The right price sets you off to the right direction

Price your home for success! Coldwell Banker Cascade Real Estate has years of experience selling homes in Wenatchee, WA. Use our market knowledge and expertise to your advantage. Call us at 509.888.8887 or get in touch with us here.