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Pricing Solutions for 4 Selling Scenarios
Solve your home selling dilemmas with these pricing strategies
By Shannon Petrie, FrontDoor.com | Published: 4/02/2009
When you have to sell on a deadline, price your home significantly below your competition.
As if the process of pricing your home for sale isn't complex enough, the specific situation you are in as a seller should be taken into account when it comes to your pricing strategy. A seller who is having trouble making his mortgage payments may take a different approach to pricing than a seller who needs to move fast to start a new job. Whatever your selling dilemma, become a successful home seller by mastering these pricing techniques for four unique scenarios.
Scenario #1: I need to move quickly.
When facing a job relocation or another situation that requires you to sell on a deadline, pricing competitively is key. Jay Thompson, designated broker of Thompson's Realty in Phoenix, Ariz., says sellers who need to move fast should aim to be the lowest priced house on the market.
"If you've really got to move, you've got to come in at significantly less than you're competition is listed at," says Jay Thompson. "And by that I mean at least 15 percent less."
A price cut that steep may distress some sellers, but Thompson urges them to think of the costs and hassles they will incur if they don't sell their home, like continuing to make monthly mortgage payments or finding tenants if they decide to rent out the home.