Help with my pricing strategy

chicagoerinFebruary 18, 2009

Hi, I would love your input on pricing my home. I live in a suburb of Columbus, Ohio (New Albany, OH) in a neighborhood that has faired pretty well up to this point in the housing crisis. There are 500 homes in our neighborhood and 7 on the market now. Probably will be 30ish in spring/summer. Nieghborhood is suoght after in normal market. I have a open floor plan ranch that (the ranch) is a rarity in my neighborhood. 1 year ago I had a realtor knock on my door saying would I consider listing, as he had multiple offers on a ranch he listed down the street and left over buyers looking for ranch homes in my development. That said, the market is so different now.

I am listing flat fee MLS next week. Currently there is one other ranch for sale in my neighborhood (very strange, as only 2 sold last year) that is the same floor plan as mine but is 5 years older and pretty outdated..I have no doubt mine will show much better . They have an extra 1/2 bath and a Florida room. They are listed at 345,900 with a realtor and I think they are too high...they have been on the market 5 months and come down 15k. House is now empty.

I spoke with the realtor who sold me my house 3.5 years ago for 310k and they did comps and said I should "list at 339k (with them) and see what happens". My gut reaction was that was too high. Honestly, I think I would be very lucky to get 310k for it in this market.

Sorry for the long story, but what price would you suggest listing at (I can be flexible and stay there through summer) and how does having the other ranch on the market affect my strategy?

Thanks very much..you all are a wealth of information. I will post pics soon. Varoious realtors have come through and said it shows very well and they wouldn't change anything.

Erin

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shelly_k

I think listing UNDER the other ranch's 345,900 will help you. It just depends on how fast you want to sell. Since you can say through the summer, I guess I would probably go with the realtor's suggestion. It is lower than the other ranch and if you are confident yours will show better, I think you have an advantage.

You might also consider comparable finished footage for 2 stories in your neighborhood. Some buyers won't necessarily care if it is 1 or 2 story, but are looking at sq footage. See what the comps are there and price accordingly.

    Bookmark   February 19, 2009 at 1:09PM
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