Get free access to our world class MLS search tools, save your favorite listings, create saved searches & much more!

Priced To Sell: Everything You Need To Know About Choosing A Listing Price

Posted by Julie Wright on Friday, January 19th, 2018 at 10:38am.

5 Listing Price Considerations to Keep in Mind

If you’re planning on selling your home or you’re thinking about buying a new home, the listing price is one of the most important factors for success in either case. For the buyer, the listing price matters because a buyer wants to get the best home at the best price. For the seller, setting an appropriate listing price is often the difference between selling their home, and having it sit on the market longer than desired.

Before you settle on a home or a listing price for the home you’re selling, it is important to evaluate the listing price against certain factors to ensure the price is fair and adequate. Here are five listing price considerations to keep in mind when buying or selling a home.

selling a home

#1: What Did Other Comparable Homes Sell For?

A home’s listing price isn’t always necessarily what it sells for. In cases of bidding wars, the selling price can be higher than the listing price. Or, in cases in which the buyer negotiates well, the selling price may be lower. To make sure the listing price is set appropriately, do your research to find out what other comparable homes in the are sold for, not what they were listed for.

Keep in mind that “comparable homes” means homes with the same number of bedrooms and baths, similar amenities, and similar lot sizes.

#2: What Are Competing Homes Being Listed For?

For a home seller, knowing what the other homes in your area are priced at is important because you don’t want to price yourself too far outside of the competition. Remember, home buyers are going to be comparing your home with others in the area, so you want to keep your home in the running by pricing it competitively.

selling a home

#3: Where Is the House Located?

The location of the home being sold does have an impact on the home’s listing price. For instance, if the home is located next to a commercial facility or on a main thoroughfare, then its listing price should be lower than similar homes located in quieter neighborhoods. When it comes to home listing prices, everything from the town to the neighborhood to its place in the neighborhood matters.

#4: Are Home Improvements Needed?

If the home needs extensive repairs, then the listing price should reflect that. A seller should not list their home at a similar price to a home that doesn’t need repairs, or their home simply won’t sell. The buyer is going to have to put money into the home to make it safe and livable, so the listing price should be reduced by the estimated cost of the needed repairs.

selling a home

#5: What Is the State of the Housing Market?

The number of homes available on the market determines whether it’s a buyer’s market or a seller’s. When it’s a buyer’s market, listing prices are lower because the housing inventory is high, but when inventory is low, it becomes a seller’s market. This is when listing prices can be set higher than market value because there are fewer homes available, meaning more buyers will be placing competing offers for the same homes. Knowing what type of market it is when selling or buying your home will help you gauge whether or not a listing price is proper.

If you’re going to be buying or selling a home, make sure you know the estimated value of the property. You can get a free home value estimate using the home value estimator tool at Homes.com. Your report will include information on local price trends, recent home sales information, estimated values based on the home and the neighborhood it resides in, and more.

 

by CARSON BUCK
JANUARY 15, 2018

Mastura Roberts
(702) 919-5400
offers@greatlasvegashomes.com

Team Leader, The Tonnesen Team
Berkshire Hathaway HomeServices, Nevada
3185 St Rose Pkwy #100 Henderson, NV 89052

With over 30 years of experience helping families call Las Vegas "home!"



Related Blog Posts

Could This Be THE Best Show in Vegas?

Having lived in Las Vegas for more than 30 years, we are pretty darned spoiled when it comes to quality world-class entertainment. Whenever we go on a cruise, we seldom go to the “shows” because they don’t even come close to what we have on the Vegas Strip. We are true “show snobs.” So when my husband asked a...

Another Client Success Story - Nadia Hasso-Bradley

One of my first Las Vegas Real Estate clients was a wonderful couple looking for their future retirement home. They were getting calls left and right from agents since they visited so many sites online. I assured them that I had no intentions of bombarding them with calls or emails. However, what I did let them know th...

Take Our Favorite Neighborhood Poll!

We are often asked what are the most popular neighborhoods in Las Vegas or Henderson. Let's find out and ask the residents! Choose your favorite neighborhood from the list below and cast your vote for the best community in Las Vegas. If you don't see your favorite listed, feel free to post in the comment section below....

Just Sold Las Vegas Home - 225 Kyland Cove Las Vegas, Nevada 89123

Anjanette Ragusa, a star agent on the #1 Tonnesen Team at Berkshire Hathaway HomeServices Nevada Properties listed this adorable three-bedroom, two bath 1,535 square foot Las Vegas home townhouse with lots of upgrades in the much sought-after Silverado Ranch gated community. The living room of this immaculately main...

2018 Predictions for the Real Estate Markets

2018 Housing Basics: It’s All About Inventory Inventory will be the major factor shaping the 2018 housing market, but that’s nothing new. For the third year in a row, the nationwide inventory shortage is likely to continue to hinder sales and increase prices. We expect small increases in inventory at the h...

Leave a Comment

Have a Question?

Contact Us

Follow Us