Pricing your Cape Cod home to sell for the most money possible is part art and part science. In 2024 Cape Cod homes sold for an average of 99% of their list price, while Cape House team listings sold for an average of 103%. We know a thing or two about getting our clients the most money possible for their homes. It's not just about picking a number; it's about understanding the market, your competition, and the unique value of your home.

The Importance of Accurate Pricing: Setting the Stage for Success

Overpricing your home can have devastating consequences: protracted selling time, extra fussy buyers, and risk of the dreaded Price Drop. In a seller’s market it’s almost impossible to underprice, as desperate buyers will compete for a home that is perceived as a good value, driving the price over the asking number. But there is a right way to do it – you have to choose the price that attracts buyers and maximizes your return.

Comparative Market Analysis (CMA): Your Pricing Foundation

The foundation of accurate pricing is a Comparative Market Analysis (CMA). As your agent, I'll conduct a thorough CMA, analyzing recent sales of comparable properties in your area. This involves examining homes with similar features, sizes, and locations that have sold within the past few months. We’ll also consider active listings and pending sales to understand the current competition. This analysis provides a clear picture of your home's fair market value. On Cape Cod, this is especially important, as property values can change drastically from street to street, or even within the same street, due to water views and access.

Market Timing: Navigating Seasonal Fluctuations

Cape Cod's real estate market is influenced by seasonal trends. Spring and fall are typically the busiest times, with higher buyer demand. However, there are also opportunities to sell in the summer and winter, especially for unique or highly desirable properties. Understanding these seasonal fluctuations is crucial for timing your listing and maximizing your chances of a successful sale. I can help you analyze the market trends in your specific area and determine the optimal time to list your home.

The Three Prices

When discussing a pricing strategy, there are three different numbers to consider: The list price, the selling price, and the net proceeds. Be clear about which number you are talking about.

• The List Price: This is the ‘bait’ that we put in the waters to attract buyers. When considered next to the features and overall appearance of the house relative to other comparably priced properties, this number should present as a compelling value to buyers.

• The Selling Price: This is the final purchase price agreed upon by buyer and seller. Your goal should be for this price to be higher than the list price, as this indicates that multiple buyers were compelled at the perceived value of the house and submitted competitive bids, driving the selling price over the list price. Cape House team listings sell for an average of 3% over list price.

• The Net Proceeds: This is the money that you will receive after all of the expenses of the purchase have been paid (commissions, attorney fees, transfer taxes, etc.). When you are estimating net proceeds, a good rule of thumb to use is 93% of the selling price.

Pricing Strategies: Tailoring Your Approach

When making your pricing strategy first we look at the recent performance of similar properties to yours: their starting prices, any price drops, the sale price to list price ratio, days on market (DOM), etc. Especially important to know is the median DOM for the cohort of houses similar to yours. The goal is to be under contract before you’ve reached that DOM. If your house hasn’t sold by that date, we know we overshot the price and it’s time for a price drop so that we don’t linger on the market any longer than necessary.

The Importance of Local Knowledge: A Cape Cod Advantage

Local knowledge is invaluable in the Cape Cod real estate market. Understanding the nuances of different neighborhoods, the impact of waterfront access, and the specific regulations that affect property values is essential. As a local expert, I have a deep understanding of the Cape Cod market, and I can provide you with the insights you need to make informed decisions.

Partnering with a Knowledgeable Agent: Your Path to Success

Pricing your Cape Cod home right requires expertise, market knowledge, and strategic planning. Working with a knowledgeable real estate agent can make all the difference. I'm committed to providing you with the guidance and support you need to achieve your real estate goals. Let's work together to maximize your home's value and ensure a successful sale.

Katie Clancy, Sales Vice President at William Raveis Real Estate, is the agent leader of The Cape House team, a top 1%  real estate team on Cape Cod, MA