If you’re listing your home in Green Bay, Wisconsin, you need to think about where to set the price. In today’s seller’s market, you have the opportunity to turn a nice profit. Some sellers hope to start a bidding war by setting a lower asking price. Others set the list price high, hoping to earn the highest return on their investment. Both strategies have their advantages and disadvantages. With the help of some online resources and an experienced broker, you can determine the best real estate pricing strategy. When pricing a home, the first variable to consider is the local real estate market. Checking the latest housing data in the Green Bay area will help you understand how to price your own house for sale.
Real Estate Market Trends
How quickly are homes selling? In real estate terms, this refers to Average Days on Market (DOM). You can explore market trends on Realtor.com by county. In the last year, homes in Brown County, Wisconsin, have ranged from 33 DOM in the summer months to 72 DOM in the winter. Market trends like these offer some insights into how quickly properties will sell. Realtor.com/local is another helpful resource for real estate pricing strategies. This resource show how asking prices compare with the final selling price. By typing in a zip code, home sellers gain access to a variety of real estate statistics. They can compare listing price versus closing price. Bidding wars tend to push the final sales price over the listing price, a clear indication of a strong seller’s market.
3 Real Estate Pricing Strategies
Once home owners understand the real estate market in their neighborhood, it’s time to consider various real estate pricing strategies.
Pricing Strategy: List high
Listing high – 5% to 10% above market value – is one pricing option. By listing above market value, home sellers earn a premium for their real estate. However, the danger of listing high is a stale listing. The house might sit on the market and be difficult to sell. This isn’t a problem for sellers who aren’t in a rush, but the home may get stigmatized and not get as much interest from buyers over time. In addition, listing high can delay closing if the lender’s appraisal is lower. A lender might not loan the full amount, jeopardizing the sale.
Pricing Strategy: List at Market Value
Listing a home a market value is a pricing strategy which sets a price for what a property is actually worth in today’s market. For a market value estimate, simply type you address into Realtor.com/sell. This is a good starting point. By selling a home at market value, home owners can expect a full-price offer within a short period of time. For most sellers, pricing a home at market value is the best pricing strategy.
Pricing Strategy: List Low
Listing a home 5% to 10% below market value typically gives a property more exposure. Below-market prices attract more buyers, which can lead to a bidding war. Sellers can choose the best offer based on the highest bid or fewest contingencies. However, listing low can be a problem if buyers submit lowball offers. Sellers have less room to negotiate when they price their property low at the outset.
Comparative Market Analysis
By choosing from these three real estate pricing strategies, homeowners can consider ways to sell their property quickly and for the right price. A real estate broker who understands the housing market brings even more pricing expertise, to bring a home sale across the finish line. Terri Balistriere, broker/owner of Express Realty, is an experienced real estate professional who knows the Green Bay housing market. She enjoys meeting with home owners to learn about their property and talk about their real estate goals. She will prepare a complimentary Comparative Market Analysis. A CMA is an estimate a home’s value, determined by comparing the property for sale to similar, recently sold properties.
Save with 4% vs. 6% Commission
Selling a home is a life-changing event and a monumental financial decision. Sellers who partner with Express Realty save more of their hard-earned money. Express Realty’s low commission model of 4% instead of 6% commission keeps money in sellers’ pockets. Sellers save $8,000 on commission, on average, with 4% versus 6% commission. Contact Terri today for a free Comparative Market Analysis.
A Trusted Partner for Life-Changing Real Estate Decisions
Buying or selling a house is a huge, life-changing, financial decision. So, it pays to work with an experienced broker like me who can walk you through all of the details. Whether you’re a senior ready to sell or a first-time home buyer ready to purchase, Express Realty is the Green Bay, Wisconsin, company to entrust your future. Contact Express Realty today for a free Comparative Market Analysis.
About Express Realty: Express Realty is a Green Bay, Wisconsin, real estate company offering lower commission rates without compromising quality. Broker/owner Terri Balistriere fell in love with real estate when she and her husband flipped homes 20 year ago. Since that time, she has helped hundreds of Northeast Wisconsin residents fulfill their real estate goals. Whether you’re looking to buy, sell, or invest in real estate, Terri Balistriere is ready to help. Contact Express Realty, your Northeast Wisconsin real estate professional serving Brown County, Oconto County, Outagamie County, Sheboygan County, and Manitowoc County. Express Realty’s professional real estate services cover De Pere, Green Bay, Bellevue, Hobart, Allouez, Suamico, Pulaski, Little Suamico, Chase, Freedom, Wrightstown, Wrightstown, Little Chute, Kaukauna, Appleton, Oshkosh, and Sheboygan.