Pricing a home correctly separates sellers who maximize proceeds from those who leave six figures on the table. Redfin lays out the mechanics.
Start with comparable sales data. Pull recent sales of similar homes within a quarter-mile radius, sold in the last 90 days. Adjust for square footage, lot size, condition, and upgrades. A 3-bed, 2-bath colonial in good shape should not price the same as a fixer-upper two blocks away. Most platforms now aggregate this data instantly. Use it.
Days on market matter. Homes priced right sell faster. Homes priced high sit and accumulate stigma. After 30 days, buyers assume problems exist. Price aggressively at first. You can negotiate up from interest. You cannot negotiate down from rejection.
Condition assessments must be honest. A kitchen renovation adds value. Deferred roof replacement subtracts it. Get a pre-listing inspection. Buyers will anyway. Transparency kills surprises and bad offers.
Consider market timing. In spring, more buyers compete for homes, pushing prices up. In winter, you face less competition but fewer total buyers. Neither is wrong. Both require different pricing strategies.
Your agent's comp analysis matters, but verify it. Request the full MLS pull. Look at the spreadsheet. Bad agents show only high comps to justify overpricing. Good agents show the accurate range.
Price slightly below market, not above it. A $485,000 listing attracts more searches than $495,000. The psychological difference drives traffic. More showings equal better offers.
Test your price in the first two weeks. If you get zero offers in week one, you priced high. Adjust down by 1-2 percent and relaunch. Momentum matters. A relisted home signals trouble.
Account for seller concessions