The good part about pricing your home is that home values in Nashville are transparent, so you can see what competitive properties are selling for. It’s not like other big purchases, like a car, where people have no idea what other consumers paid for their cars. The bad part about pricing your home is that, even in hot real estate market (like here in Nashville), many homesellers find themselves hanging out without their home selling because they made bad pricing decisions.
The biggest mistake most sellers make is pricing their home based on what’s for sale, not what’s sold. When you are going through the process of setting your home’s price for market, your Middle Tennessee Realtor will prepare a comparative market analysis for you. The analysis is based on two types of properties: the Nashville homes that have sold and the homes currently on the market. It is critical that you consider both when pricing your home.
Comparables will give you a sense of what your home is probably worth and the unsold listings will give you a sense of the pricing you need to beat. Too many times homeowners are looking at the potential of what price they could sell at and price according to the unsolds. Pricing to the unsolds will potentially create your place in the unsold real estate market. Why? Because the unsolds are your competition. Regardless of the status of the real estate market, if you price to join the unsolds, you will join their status: unsold. The only reason you need to look at the unsold properties is to figure out what you need to do to beat the competition.