our pricing
strategy
price right to attract buyers Pricing your property competitively will generate the most activity from agents and buyers. Pricing your property too high may make it necessary to drop the price below market value to compete with new, well-priced listings.
ASKING PRICE
15% ABOVE
10% ABOVE
2
% OF POTENTIAL BUYERS WHO WILL LOOK AT PROPERTY 10%
30%
MARKET VALUE
60%
10% BELOW
75%
15% BELOW
90%
PRICING MISCONCEPTIONS The value of your property is determined by what a buyer is willing to pay and what a seller is willing to accept in today’s market. Buyers make their pricing decision based on comparing your property to other properties SOLD in your area. It is very important to price your property at competitive market value when we finalize the listing agreement. The market value of your home is NOT based on...
EVIDENCE OF SUCCESS
WHAT YOU PAID
what you need
what you want
what the tax assessor thinks
WHAT YOUR NEIGHBOR SAYS
WHAT ANOTHER AGENT SAYS
what it would cost to rebuild today
what zillow says
In 2021, our team’s marketing strategy proved strong compared to the market average. Our average days on market was 18 compared to the market average of 28 days. Our list price to sales price was 101.74%, compared the market average of 99.57%. 3
100%
67%
To get your home sold for the most money in the least amount of time, we have to price it “in the market.”
33%
PRICE VS. COMPS
WHAT SELLS– PRICE RIGHT
ABOVE
OUT OF THE MARKET NO MAN’S LAND
IN THE MARKET
BELOW
67%
33%
GREAT
0%
POOR CONDITION VS. COMPARABLES
100+ 101.74% OUR LISTINGS SOLD FOR
LISTINGS SOLD BY SASHA & MADISON IN 2021
4
COMPARED TO THE MARKET AVERAGE OF 99.57%.
PRICE COMPETITIVELY– THE FIRST 30 DAYS ARE CRITICAL • A property generates the most interest when it first hits the market. • The number of showings is greatest during this time if it is priced at a realistic market value.
ACTIVITY LEVEL
THE RIGHT PRICE IS IMPORTANT
• Starting too high and dropping the price later misses the excitement and fails to generate strong activity. • Many homes that start high end up selling below market value.
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WEEKS ON THE MARKET
We sell homes 10 DAYS faster than the average agent!* Story House Listings
SOLD IN
18
DAYS
Market Average Listings
SOLD IN
28
DAYS
*Numbers and data representative of 2021 Average Market Stats.
5
PRICE AHEAD OF THE MARKET SELLER’S MARKET
$
Price Seller Wants
When They Get It
If sellers fall behind a market they can end up chasing the market down, because home values may fall faster than their price reductions.
AVERAGE HOME PRICE
AVERAGE HOME PRICE
In a market with rising home values, if a seller wants a price that’s ahead of the market, the market may go up enough to make that price attractive for buyers. Time can mend some mistakes.
BUYER’S MARKET
$
Price Seller Wants Price Correction
Price Correction Home Value Falls
They Never Get it! TIME ON MARKET
PRICE RIGHT! MORE TIME ON THE MARKET WORKS AGAINST YOU 6
TIME ON MARKET
IF YOU WANT TO COMPETE, BE COMPETITIVE • The buying market has a short attention span. • Pricing your home right the first time is key. • Proper pricing attracts buyers. • An overpriced house will not sell, even in this market. • We want to generate offers before the market moves on to newer listings. • You only get one chance to make a first impression.
ARE YOU AT THE RIGHT PRICE? HERE IS HOW IT WORKS. GOAL: To select a price that is right on target and gets your home sold! If exposure is high (verified by online traffic) you will know you are priced right for this market. This is because the average home at the right price will receive an offer within 15 days at that price point.
RULES OF THUMB: • If you are getting showings but no one is willing to write an offer, it generally means you are in the range of 1% to 3% above market value. • If no showings are happening at all, then your house is likely priced 5% to 10% (or more) above what the market will bear for your property. You will be able to verify that people do know about it by watching online traffic and exposure. For every 1,000 hits and no showings, you know your home is not compelling at its current price. • For every 10 showings and no offer, you know that your home is not compelling at its current price.
5-10%* OFF (NO SHOWINGS) 3-5% OFF* (DRIVE-UP ONLY, LOW SHOWINGS)
1-3% OFF* (SHOWINGS, BUT NO OFFERS)
RIGHT PRICE
(OFFER)
*This is what we have empirically witnessed in the current Central Virginia market. There is no way that anyone can guarantee an exact price for your home. 7
let's get started! We are looking forward to finalizing the perfect price and to begin marketing your home !
2110 Ivy Road | Charlottesville, VA 22903 434-260-1435 | info@storyhousere.com www.storyhousere.com