Selling Your House The 3 Asking Price Strategies

Dated: 03/14/2018

Views: 122

Selling your Lafayette house for the best price sometimes involves a certain amount of luck, but it’s the kind of “luck” that’s a lot more likely when you’ve set out the welcome mat for it. In addition to strategic home preparation and a solid marketing push, selling your Lafayette house for the best price also has to do with where that price starts out: that is, the asking price.


Once you have a clear idea of the professional opinion of its market value—that is, a price that aligns with the latest comparable sales data for similar Lafayette homes—you have three alternative strategies:


You can set an asking price as close as possible to what the comps suggest. After all, it’s reasonable and defensible—and lenders are likely to agree if a home loan becomes a contingency in the final sale. A possible downside is that it will be more difficult to stand out from the crowd since many comparable properties may be priced at the same level. It can also prove necessary to compromise with buyers who assume any asking price is an opening bargain position.


Or, you can set the asking price higher than what the comps indicate in the hope that a buyer who isn’t too economy-minded will fall in love with your place—or the strategy might be to make a final agreement more likely by leaving room for negotiation. The downside is that if a sale fails to materialize, lowering the asking price later can be costly: those reductions (especially multiple reductions) are like properties that linger on the market for a long time: they suggest that something is wrong (even if the only problem was the asking price).


Alternatively, you can set the asking price lower than have comparable rival properties. The strategy here is clear enough: the expectation that serious house hunters will become interested. Very interested. Fascinated, in fact—especially in a market where supply is tight. The most serious prospects—the ones who know the market—will be expected to hurry to beat the others to your door. In the best case, this can result in a bidding war, resulting in higher-than-asking offers.


Selling your Lafayette house for the best price has another proven hallmark—one I’m pleased to pass on. The median selling price for homes sold with the assistance of a Realtor® like me is significantly higher than for those where the owner decided to go it alone. Currently, the final sale price averages $59,000 more for the typical home sale (per the NAR). For Lafayette sellers interested in getting the best price, the implication is clear: call me!

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Ted Daigle

About Ted Daigle – Realtor Having the right real estate agent means having an agent who is committed to helping you buy or sell your home with the highest level of expertise in your local market. T....

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