How Will I Know if My Home is Priced Correctly?

The one thing we obviously cannot control is the market place…The value of your home will be determined solely by the buyers despite what you or I think. I have created the graphic below to help you determine if your home is priced correctly. Al Filippone Associates continuously monitors market conditions and communicates them to you both verbally and in writing throughout the listing period. It is our way of ensuring that you are better prepared to make the necessary decisions that will help you achieve your real estate goals.

“Perhaps this seller isn’t serious”

Symptoms: No showings and no offers. The agents and potential buyers are not interested in even showing your home because they believe they can buy more for their money elsewhere.

“It‘s Okay…but I think I‘ll keep looking”

Symptoms: Either 10-12 showings and no serious offers or just a few showings. The number of showings have slowed significantly since your home was placed on the market or it has been on the market 4-6 weeks with no offers. The potential buyers believe that they can get more for their money and will continue to look.

“This is it”

Symptoms: Showings, second showings and offers in the first 2-4 weeks. Congratulations! We are where you want to be. When we are at this level, we may have multiple offers and we should be able to hold to within just a few percentage points from where your home is currently listed. The potential purchasers obviously believe that yours is one of the homes that offers the most in its price range at this time, and they want it to be their next home. They are ready to buy it!

In Summary:

  • If your home is not being shown, that means that agents think our price is too high.
    Recommendation: A significant price adjustment.
     
  • If your home is being shown, but we are not getting any offers, it means that buyers are bidding on other homes that they think offer more.
    Recommendation: A moderate price adjustment.
     
  • If your home is “in the running”, but the buyers buy another, or if they view your home a second time, then buy another home, it usually means that we are close to receiving an offer.
    Recommendation: A minor price adjustment.

According to the National Association of Realtors®, if a house is priced correctly the owners should receive one offer for every 10 showings.

In our market, the number of showings that your home should receive weekly depends on the price range.