How To Price Your Home in Today’s Market

By Darren James

Darren James is a highly accomplished real estate professional and the founder of one of Baton Rouge’s premier real estate firms. With over 20 years of experience in selling and marketing real estate.

The housing market has shifted, and it’s more important than ever to price your home correctly if you’re thinking of selling. With interest rates high and competition still strong, it’s easy to get lost in the numbers. But pricing your home properly is the key to standing out. Here’s how to make sure you get it right.

Why does pricing your home matter? In today’s market, pricing isn’t just about choosing a number—it’s about positioning your home to sell quickly and at the right price. If you price too high, buyers will move on. If your price is too low, then you might miss some opportunities to make more money. Buyers are being more selective, so it’s crucial to get your pricing strategy right from the start.

Pre-appraisal: a crucial first step. One of the best moves you can make as a seller is to get your home pre-appraised before you list it. This ensures your home is priced accurately based on a professional’s evaluation. It’s not just about putting your property on the market—it’s about being in the market with a price that aligns with what buyers expect.

A pre-appraisal helps avoid common mistakes. It provides data that you can share with potential buyers, especially if they come in with a lowball offer. You can show them that you’ve done your homework and priced your home correctly from the get-go.

Get reports to help you price your home. If you’re not ready for a pre-appraisal, your realtor can run a few key reports to help determine the best price for your home. These reports give you a comprehensive view of your property’s market position. Here are the three essential reports you should ask your realtor to run:

• CMA (Competitive Market Analysis): This report compares your property to similar homes in your neighborhood, giving you a good idea of what similar homes are selling for. Keep in mind that no two homes are identical, so adjustments will be made based on upgrades and unique features.
• TMO (Total Market Overview): This report shows the supply and demand in your area. It helps you understand how much competition you’ll have when buyers are looking for homes in the same price range.
• Absorption Rate Report: This report indicates how quickly homes in your price range are selling. It helps you understand the timing of your sale, especially if you’re moving for a job or need to sell within a specific time frame.

Property condition still matters. Along with proper pricing, maintaining your home’s condition is crucial. Buyers are more selective these days, and a well-maintained home is much more likely to attract serious buyers. Keep your property in good shape, and it will be ready for sale when the right buyer comes along.

If you’re thinking of selling, don’t just guess at the price. Get a pre-appraisal, run the right reports, and make sure your home is in great condition. In today’s competitive market, taking these steps will help you price your home correctly and increase your chances of selling quickly. If you’re planning to sell your home and have questions about the market, feel free to call or text me at (225) 304-6363 or email me at darren@agent225.com. I’m here to help you make sure you get the best price for your property.