How To Determine Listing Price Of Your Luxury Property

By Sabrina Biehl Published Oct 4, 2016 04:52 pm Updated Oct 5, 2016 09:19 am

Pricing your home is a technical aspect of real estate home selling which can affect how long your home stays on the market. While it is the duty of the real estate agent to guide you in pricing your home for the market. What you choose to list for is ultimately your decision. So, here are tips to help you make the best decision when choosing the listing price of your luxury property.

1. PAY ATTENTION.
While trying to sell your house, you need to learn to see objectively. You can do this by visiting open houses in your area and paying attention to those things you find unappealing, notice the weaknesses and faults and make changes in your own property. Take note of luxury homes that sell fast in your neighborhood to see features that these homes have.

2. INVESTIGATE.
Your agent should prepare a Comparative Market Analysis (CMA), which will show comparable homes that have sold in your neighborhood and the prices they sold for. This is really important and should be taken seriously.

3. REAL ESTATE TRENDS.
How is the real estate market in your area? How is the luxury market in your area? How much housing stock is on the market? If you’re selling real estate in Nashville TN, it’s a great time to sell as the luxury market here is strong.

4. IMPRESSION.
What is the first impression a buyer will get when he approaches your house? Consider this when setting price and make amends where necessary.

5. NICHE.
Is your home best – suited for a specific buyer or niche market? Focus your pricing and your marketing efforts toward this buyer niche. Create little nooks that will peak the interest of your potential buyer in your house.

6. GEOGRAPHY.
Take into consideration the precise location of your property. Slight variants have price implications. Consider size of the property, taxes in your area, schools and road networks when setting price.