Top 5 Considerations for Main Line Home Pricing

🏡💰💲2021 Home Pricing on The Main Line with Top Agent Kimmy Rolph

Top 5 Considerations for Main Line Home Pricing with Kimmy Rolph, pricing expert. Ready your pens! So your neighbors friend’s sisters boyfriend is a realtor and he said your home is worth three times what your CMA said? Should you list with him? What is the REAL price of your home? I am a certified pricing expert. It is always great to have your home listed with a referred realtor, however be sure that the price they give you is checked against another realtor. We offer analysis always for free, and I am happy to circle back for you! Here are some considerations that you can see for yourself that go into home pricing. 

First, Buyers usually tell their agent they want a three-bedroom home in an area under $500K (or some other dollar amount). Their real estate agent sets up a search in their local database for properties under $500K. But if a home is listed at $510K, that buyer will miss it. So, if your list price is higher out of the gates, you may miss a segment of buyers. This scenario happens frequently, so many agents will set up search parameters for their buyers to include properties listed a little bit more above their price, but sellers should stay away from pricing away from the bottom line or upper ceiling. 

Second, Don’t Get ‘Creative’ with Your Asking Price, Sometimes, sellers want to get creative with their asking price. A seller whose home was valued between $750K and $800K wants to ask $765,,777. Such an oddly specific figure calls attention to itself for no good reason, like a bathroom painted purple.

Third, Know your comps. As a seller,  you should not have to be expert, that is where your realtor comes in, but you should know roughly what your neighbors are selling their homes for. I specialize in Main Line neighborhoods, so I know off the top of my head what the upper and lower limits are and what amenities are commanding top dollar, you should know roughly what the comps are or be positive your realtor does. A realtor will really need to see a house and get specific information to price a home against others, but can also tell you roughly without seeing a home based on the market value. According to zillow a home should be within 10% of the price of surrounding home sales. 

Fourth, Compare the square footage. Price per square foot is pro way to compare homes for sale. It is the standard of measurement realtors use and this is listed on the comparable listings your realtor will give you when going over the pricing strategy. If your realtor does not, this is a big red flag. 

Lastly, put your appraiser cap on, because that is where you will ultimately need to come in close to. A realtor will price a home close to what an appraiser will, and that is important because a bank will not fund a loan that is way off the appraisal. It is true, right now we are in very unusual circumstances with homes in such short supply, but you need to be sure that the financial aspect of the home is in line for potential buyers. 

What we learn in these five essentials of home pricing is that ultimately, your home value is based on your neighbors home value, and what an appraiser looks at, is what banks base loans on. The intricacies of the way these play out in pricing your home are up to your realtor to explain to you. I have priced many homes to sell, and rarely need to lower prices. Beware of high pricing, it comes at a high price in terms of wasted time down the line with an appraisal comes in low. If you are looking to buy or sell on The Main Line, I am happy to price your home for you or help you in submitting offers for homes. Give me a call today for a complimentary CMA. Remember, Kimmy Rolph Sells The Main Line and local areas. 

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