How Home Prices Are Really Set: The Truth Every Seller Should Know

How Home Prices Are Really Set: The Truth Every Seller Should Know

Ever wonder who decides what your home is worth? Spoiler alert: it’s not your real estate agent — it’s the market. Understanding this is key to pricing your home right and selling fast.

The Market Sets the Price, Not Your Agent

When I recommend a list price, I rely on comparables (or “comps”) — homes similar in size, style, updates, and location that have recently sold. These comps show what buyers are paying right now in Litchfield County and the Farmington Valley.

Example:

• If three similar homes sold between $350,000 and $375,000 in the past 90 days, that’s your realistic range.
• Upgrades like a new kitchen? You might lean higher.
• Outdated features? Adjust lower.

Why Pricing Strategy Matters

Pricing isn’t just about picking a number — it’s about positioning your home to attract buyers. I often suggest listing slightly on the lower end of the range. Why?

• It sparks interest.
• It drives more showings.
• It creates competition, which often leads to multiple offers and a higher final price.

Think of it like an auction — the more bidders, the better the outcome.

Avoid These Common Pricing Mistakes

1. Overpricing to “leave room to negotiate”
   This often backfires. Buyers skip overpriced homes, and stale listings lose momentum.
2. Ignoring market trends
   If inventory is high and demand is low, pricing aggressively is key.
3. Relying on online estimates
   Automated valuations can’t account for upgrades, location nuances, or buyer sentiment.

Seller Tips for Success

• Trust the data: Your agent’s pricing recommendation is based on real sales, not guesswork.
• Think like a buyer: Would you tour a home priced above similar listings?
• Stay flexible: If showings are slow, adjust quickly. The first 2–3 weeks are critical.
• Focus on presentation: Professional photos and marketing amplify your pricing strategy.

Bottom Line

So, who sets your home’s price? The market does. My job is to help you read the market and play it smart — with the right price, the right strategy, and the right marketing.

✅ Ready to Sell? Let’s Get Started

Thinking about selling in Litchfield County or the Farmington Valley? Contact me today for a free home valuation and personalized pricing strategy.
📞 Call/Text: 860-459-2616
📧 Email: rosemary.scanlon@cbrealty.com
🌐 Visit: realtorrosemary.com