Are you curious about what really goes into a listing price?
Your listing price can greatly affect how your home sale unfolds. Strategically priced homes move far more quickly and often sell for more than ones that linger on the market.
But there’s more to a listing price than the Zestimate you see on Zillow. While Zillow’s formula considers many factors, it doesn’t have a 360-degree view of your home or your local market. And it hasn’t been in every house in town the way your local agent has!
We think a lot about pricing strategy at Rutledge as we guide clients through their home sales. Here are some things we consider when determining a home’s magic number:
Neighborhood Comps
Comps are the number one factor that contributes to pricing strategy. Appraisers are interested in the selling price of comparable properties that have sold within a mile of your home in the last six months. Comparable properties have similar square footage, number of bedrooms, home style, presence or absence of a garage, and land.
Features & Condition
The number of bedrooms and bathrooms, the size and layout of your yard, and the presence of a garage (especially in the Northeast!) all affect your listing price. The condition of your home and its major systems also play a role in pricing. Many buyers avoid the potential cost and disruption of repairing a roof, replacing an HVAC system, or repainting siding. The need for kitchen and bathroom renovations can also detract from buyer interest.
Location
Several location-related aspects of your property might impact its listing price, including:
- The overall appeal of the neighborhood
- Whether the home is within walking distance of a downtown, park, or school
- Ease of commute into major metropolitan areas
- The type of street it's on (for instance, a quiet cul-de-sac is typically more attractive than a busy main road)
- The condition of adjacent properties (well-maintained residential properties make the best neighbors!)
Opportunities
Potential for expansion or improvement can help future buyers increase their enjoyment and home value. Things that may boost your listing price include an unfinished basement or space to add a garage or expand a kitchen.
Seller’s Goals
The seller’s financial goals and timeline can influence the listing price. For instance, competitive pricing may make more sense if you need to sell quickly.
Market Conditions
Of course, the current state of the real estate market plays a significant role as well. The number of competing homes in your area's market has a significant impact on your listing price. Beyond that, economic conditions such as interest rates, inflation, and employment rates can also influence buyer demand and their ability to afford homes.
Are you wondering what a reasonable listing price might be for your home?
I'd be happy to help you better understand how these factors apply to your situation so you can prepare for a successful sale.
October’s Top Three: Things to Look for at an Open House
There is a lot to take in when you attend an open house. Most of your time will be spent inside looking at the layout, room sizes, and condition of the flooring, appliances, and fixtures. But there are also things outside the home worth paying attention to. Here are three things to add to your checklist:
- The Neighborhood
Try to allocate enough time to take a quick walk around the block and get a feel for the neighborhood. Notice things like noise levels, how well-maintained other properties are, and whether or not there are sidewalks.
- Outbuildings and Fencing
Take a moment to walk out into the yard and assess the condition of fencing, sheds, or outbuildings. Does the yard feel private or open? Do the outbuildings look sufficient, or should you budget for replacing them soon?
- Landscaping
Check out the landscaping to assess curb appeal and to see how much work you’ll need to do to make your outdoor spaces fit your needs. While you are at it, look for any signs of water drainage issues.
Remember, you can learn a lot about what you like and don't like by attending as many open houses as possible. After seeing several properties, you'll zero in on what matters most to you in your new home!
Ever considered becoming a real estate superhero?
As a boutique agency, Rutledge Properties empowers agents to build hero-level skills that make them unstoppable assets to their clients.
We want every one of our agents to make a name for themselves, so we offer the mentorship and support that gets them there. If you’re ready to experience the genuinely supportive culture we’ve created and thrive as a part of the Rutledge team, we’d love to speak with you.
Contact Rutledge to arrange a visit.
We don't just help you buy or sell a house; we welcome you home!
Rutledge Properties is an independent, women-owned local real estate brokerage. We’ve been helping clients in the Metrowest area buy and sell their homes since 1978.
Because we are not part of a big, impersonal chain, we get to do things our way—and our way is all about you. Our clients are our neighbors, and we are committed to putting their needs first every time. We leverage our insider knowledge about the community, industry-leading technology, dynamic strategies, and our worldwide network to provide a level of service that keeps Rutledge clients coming back to us, move after move.
