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Picture this… you’re sitting at your dining table with your Realtor and they’ve just popped the question, “What do you think about this price.” You start to squirm uncomfortably in your chair. You cross your arms across your chest getting ready for an argument. And you have nothing but a gut feeling you’re about to be robbed. Good Morning and Welcome to NextHome Our Town LIVE on Facebook!Today we’re talking about Home Pricing Strategy today and we’re gonna do that by looking at home home prices deteriorate with increasing days on the market. let’s get started. Back to the story… you’re sitting at the table and you’ve just looked at a bunch of tiny numbers scrunched on to one page and you still don’t understand. You tell the Realtor you want to list the home for a higher price and…The next 2 sentences out of your mouth are…”we don’t want to leave any money on the table.” and “we can always come down. we can’t ever go up.” And your Realtor says, “okay”. Because, let’s be honest.. It’s hard to argue with that logic and… no one has a crystal ball. But there is MORE data to rely on and a better way to figure out how to play in ANY market.Yes, here are some more numbers FROM THIS MONTH, September 2022 from the last trailing 30 days of sales in Waco, Texas. This really drives home how important it is to have a strategy other than “we can always reduce the price later” because… if i’m being perfectly honest, it’s not YOU who will be choosing the discount. Look here! If you have priced your home correctly…. meaningit’s demonstrating real value for its condition and may even be perceived as a deal… It’s highly likely you’ll get multiple offers in the first 7 days, OVER ASKING! Which potentially1) makes up for the initial discount/lower asking price2) gets you a more solid contract with more amenable terms – like appraisal waivers! Now look what happens if you don’t want to “leave any money on the table” and price your home above market value. A) You start losing momentum in the market, B) buyers percieve there’s something wrong with your home and C) some won’t even make an offer because they don’t want to offend you. (FYI, millennials don’t negotiate) AND… your sales price snowballs, crashes and burns within 30 days on the market. Now that i’ve made you sick to your stomach… let’s talk best strategy. It’s important to note that 1) inventory is still below the current demand, and as such2) it is near impossible to UNDER PRICE your home…the market WILL respond, one way or the other. so 1) Give your Realtor permission to be perfectly honest with you about how the market will react to your home. Your Realtor doesn’t care if you don’t like to wash your dishes but your home should be priced according to how buyers will react to such. 2) Price it slightly below market. Buyers, and their agents, know when a deal is a deal – all of the buyers! And they would rather make an offer over asking to try and WIN your home, than have to ever OFFER LESS and OFFEND you. 3) Monitor the comparable sales data weekly. Homes that are under contract, when you list your home, may close offering new and updated information you should heed and adjust to accordingly. AND AS FAST AS POSSIBLE. The quicker you are to respond to the shift in the market, the LESS MONEY YOU’LL LEAVE ON THE TABLE. AS always, please consult with an expert when planning to sell or buy a home, preferably, a NextHome one. Thanks for Watching! have a great day!