Pricing Your Property

Some Tips On Pricing Your Property For Sale

Pricing your property for sale can be the single most important factor for a successful close. It can be even more challenging to price rural properties in SW Colorado because they can have so many distinguishing factors in comparison to suburban neighborhood homes. With so much noise out there, where do you start? Here are some tips from our Galles Properties team of Brokers to get you started.

Strategy - The Importance Of Getting It Right

While we have certainly seen some out-of-the-ordinary pricing strategies over the last couple of years, it has never been more important to price your property strategically as you navigate the current market. While our local Pagosa Springs real estate market continues to be solid, we believe properties priced competitively will continue to garner significant activity. It is important to work with a Realtor® who will provide you with a factual analysis of the market and help you to ensure that you are comfortable with your property's asking price and that it is within range of its market value.

Review Current Active & Pending Listings

First, ask your Broker to work with you to pull all properties that have been listed in the last 3-5 months that are comparable to your property to get a snapshot of overall activity. Be sure to take into consideration the number of days on the market for properties still active that are similar to yours, and any price changes. Also consider attributes of the properties that may be different than yours. i.e. The age of the home, location, water rights, etc.

Analyze Sold Properties

Next, work with your Broker to analyze properties that have recently sold that are similar to yours. Consider the number of days on market and compare the original list prices of properties to the final sales prices. Your Broker can assist you with formulating the average list price to sale price ratio for properties similar to yours. Be sure to take into consideration distinguishing factors such as property size, age and location.

Know Your Bottom Line

Make sure you have a clear picture of your financial expectations from the sale of your property. Ensure that your expectations are in line with the market value of the property, and communicate any concerns to your Broker. Together, you can work together to make sure you are comfortable with your sale price and that it balances with the market value of the property.

Don't Go It Alone

There are so many resources available to assist you with pricing your property - and your Broker will be your partner in the process and help you to sort out the information. Our Galles Properties Real Estate Brokers are on the ground every day working with buyers and sellers and have listed and closed thousands of transactions. When you are ready - we'll be here for you.

For more information on selling your property, call 970.264.1250 or click here for a comprehensive Market Report and to learn about our listing program.

Posted by Galles Properties on October 18th, 2022