Finding an Accurate & Attractive Price Range for your Home is Easier than You Think

 There are many great Rochester area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Value Report so you know what buyers will pay for your home in today's market. You may also call me at (585) 721-3010 for a FREE home buying or selling consultation to answer any of your real estate questions.

The Four P's of Marketing: Pricing your Home

Today I am going to continue my discussion of the four P's of marketing. Last time we talked about preparing your home to sell where we touched on staging. Today, however, we will be discussing how to price your Rochester home.

A lot of people get sent in the wrong direction with this aspect of selling and it can cause major problems down the road. What you want to do is consider very similar homes to your own to gauge an accurate price.

• Consider the area: Find a property that is in a similar school district, and preferably the same subdivision or neighborhood as your own. Here in Rochester we have a lot of different home builders so it makes comparing a little bit tougher, but there are many other aspects you can focus on for pricing.
• Find the same style of home: Every style of home has its own price bracket. You wouldn't expect a 2,000 sq. foot remodeled Victorian home to sell for the same price as a 2,000 sq. foot ranch home, would you? However, there are nuances to pricing by certain styles. I might put a colonial home in the same price bracket as a Cape Cod, so if you're unsure about the style of your home, then please contact me for advice.
• Same Size: You should shoot to find a home that is similar in size to your own, plus or minus 100 sq. feet.
• Same Age: If you have a home that was built in 1995, then find another property built from 1990-1999. Don't compare properties like a 1985 build versus a 2005 build, because there are significant differences to these.
• Amenities: Find a property with the same number of bedrooms and bathrooms. Other features like garages can add value, but things like in-ground pools and extra fireplaces really shouldn't add a lot of extra value if you're comparing homes.

After finding similar properties, you need to set a price range. You don't want to set a new high or set a new low, so shoot for somewhere in between. Be objective when pricing and compare your home with others to determine which property you would pay more for. Be honest with yourself and consider the different features and qualities to each property. After finding and comparing properties to your own, you should be able to price it somewhere between all of them.

You should know that it is always recommended to consult a realtor to price your home in the best range, so if you need any help pricing your Rochester home, please contact me and I would be glad to assist you.

Stay tuned for the third installment of my Four P's of real estate Marketing!