Tuesday, August 20, 2013

Northern Virginia Real Estate: Pricing Your NOVA Home to Sell

There's no doubt that more homebuyers are making their way into the Northern Virginia real estate market, with confidence high in buying a house. As a result, confidence is building with sellers too— with more ready to list their homes and move on to their next dream home in the NOVA or DC area.

First on their list? Pricing their home appropriately. Pricing one's home can be a tricky subject and can cause a home to sit with no activity if its not done well. In this case, the key to pricing your NOVA home to sell begins with pricing it on the higher end.

According to a new study by researchers Grace Bucchianeri and Julia Minson, "the higher a home is priced at the outset, the more likely it is that it will get a higher offer from a buyer."

That may come as a surprise to NOVA home sellers as a popular pricing strategy in real estate is to underprice a home in order to spark a bidding war. However, the researchers in this new study say this is ineffective as there are seldom enough buyers in a given real estate market to create the "herding effect" to increase prices. In fact, the researchers found underpricing a home could actually lead to a lower sales price than anticipated.

NOVA homebuyers may take into account a wide range of housing prices in their home search, but always refer back to their original first impressions when making a decision to buy a house in Northern Virginia. 

Your best bet and first item on your home seller to-do list? Wow the homebuyers with curb appeal, as well as interior staging, and price your home on the higher side to inspire higher sales prices. Ready to take the next step in selling your NOVA home or make a move to Alexandria, Fairfax, or other area of our great NOVA community? Contact us today!
Earle Whitmore


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