The science of pricing a house in Morris County isn’t really a science.
The thing about science that makes it reliable is that its findings can be confirmed experimentally. If Galileo drops a feather and a lead weight from the Tower of Pisa to prove something about gravity, anyone else can trot right up there and repeat the experiment. If the results are always the same, we’re in the realm of science.
Pricing Morris County houses may not be pure art, but it’s a cinch it’s not science, either. You can’t repeat a pricing experiment because no two Morris County houses are exactly alike (even the same models in a development are situated differently). And even if you sold the same house two times, the pool of possible buyers is changing all the time; the competitive landscape as represented in the moment’s Morris County listings, likewise; even the news of the day can affect the sales climate.
Further muddying the waters is the emotional component most of us feel for the places we call home. Even after the most dispassionate Morris County homeowner has shed any such baggage, there remain two distinct ways to value a home. There is the value it can be sold for, and there is what it is worth to your own family. Hopefully, they aren’t terribly different; but in any case, it’s the former that’s important when it comes to selling.
Once we accept that no pricing strategy can be confirmed experimentally, the best procedure is to follow some general guidelines that have wide acceptance. I advise my clients to approach the pricing of their Morris County house in several ways—
- Canvass the market the same way your future buyers will. See what comparable properties have sold for recently and the asking prices currently listed. Determine where yours belongs. This is one place where my research will be a major help.
- Once you’re satisfied that you know the range where your property fits, look for “holes” in that range. Many times there will be a noticeable gap in asking prices within your range—and one good strategy is to become the lone listing that fills it.
- Once you’ve arrived at a price that seems right, another strategy is to lower it to the next “99” number. If pricing your house led you to a $405,000 asking price, consider notching it down to $399,999. Everybody knows what you’re doing, but it’s such common practice that people don’t regard it as a ruse. It is worth doing because human beings can’t help but react to that second price as if it’s significantly lower!
Pricing your Morris County house properly is just one of the many steps that go into a successful sales campaign. Give me a call to chat about your own situation and goals: there’s never a charge nor any obligation for sharing the latest market information!