How to Price Your

Park City Home

By: Don and Kathy Vallee

When working to determine how to correctly price your Park City home for sale, the most important thing to remember is that this should never be guesswork. You should also never price your property based on your emotional attachment to it. One of the biggest mistakes a seller can make is to confuse sentimental value with actual home value. Yes, this is your home. However, your goal now is to make it their home and an attractive price goes a very long way to making sure that happens.

How to Price Your Park City Home

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Comps, Comps, and More Comps

The first task to take on (or even better, ensure your agent is completing) is to seek out and investigate comparable properties in your community or area. These usually break down into a few of the following types:

| Current Comps: Ah, the competition. That’s exactly what your neighbors are. I’m sure you all are the best of friends, however, in the business of home selling they are your direct competition. Grab a list of current listings in your area and look for the homes that are comparable to yours in square footage, location, and amenities. What are they pricing at? Try not to steer too far away from this. And again, don’t get bit by the deadly Sentimentality Bug. It could be poison.

| Sold Comps: Sold homes provide a wealth of positive information regarding how to correctly price your home. With this list you can dive deeper into what the successful home sellers have done to get their home sold. Focus on the average here more than the lower points. There will be some “trap pricing” here where the seller may have taken a huge loss. You simply want an idea of what buyers are usually attracted to as a whole price-wise in your area/community.

| Withdrawn and expired listings: These are important because you can begin to learn from the mistakes of other sellers. Look closely at their price points and see if you notice any trends that may indicate why they were withdrawn or to explain why they expired. You’d be surprised what you find and you should use what you find in your favor to get your home sold.

Take a Look at the Park City Market as a WholeIs it a seller’s or a buyer’s market at the moment? The answer to that question directly influences how high you can go or how low you should consider setting your price. In a seller’s market, there are going to be a much higher demand by buyers than what can be quelled by active listings. This means you can assess your comps and set your price point a little higher.

In a buyer’s market, it’s the inverse. There are far more homes on the market than there are ready buyers. This usually drives prices down as your neighbors all compete with each other (and now you) to attract buyers with the price upfront. This means you’ll definitely want to be careful and not set a price that gives the buyer sticker shock. That will cost you a potential sell and you would never know it.

We’re Here to Help You With Your SaleShould you choose to go it alone when selling your home, be sure to do thorough research in how to price your home. Not doing so will keep your home listing for months on end and you’ll have the additional lost time and cost of constantly adjusting your price down the road.

List Your Property With Us

Listing your Park City home with us gives you immediate access to our years of expertise and knowledge. We put you and your goals first. Hi, I’m Kathy Vallee and I use experience and industry-forward resources to get your property sold with exactly those three things in mind. Contact me when you’re ready to list your home and let me partner with you to make this happen!