4 Helpful Hints for How To Price Your Home to Sell

how to price your home to sell

The price isn’t always right. One of the more complicated aspects of the real estate world is knowing how to price your home to sell. This is especially true in smaller communities with a wide variety of home styles, sizes and building years. In the Adirondacks, where every property is uniquely different, the pricing conundrum can get especially confusing.

Differences in Adirondack homes can cause quite a variance in pricing versus the more consistent pricing figures you might find in suburban developments with similarly priced homes. While it may be tempting to try to simplify things by looking into an online resource like Zillow’s Zestimates to set your price, information from these online sources is not always accurate.

At Adirondack Premier Properties, we suggest talking with a realtor who is familiar with your market to help you nail down your price range. To get started, here are 4 factors to consider that will likely have a big impact on where to price your home.

4 Helpful Hints for How to Price Your Home to Sell

1. Assess Condition of the Property

When trying to figure out how to price your home to sell, taking a look at the condition of the property is the first thing to do. Whether the home is newly built in the 21st century or historically built in the early 1900’s, the condition of the home is one of the weightiest factors in determining the right price to entice potential buyers.

Keep in mind that in general, minor upgrades throughout the house do not really affect the price of a home. This is due to the changing nature of codes and desirable features over passing year. Major upgrades, however, especially on a more dated house, will have a larger impact. Major upgrades could include updating electrical systems (some properties in the Adirondack still have nob and tube) or even a full renovation on the main living spaces.

Buyers that come to the Lake Placid region of the Adirondacks tend to be attracted to certain trends as observed by our expert team of real estate professionals. One of the most attractive qualities that draws in buyers is an upgraded home with the classic Adirondack feel. To read more about how to blend classic Adirondack design with modern features, click here.

2. Consider the Location

As is always repeated in any business venture, “Location, location, location!” also holds true in the real estate market. The location of your property is a top factor when determining how to price your home to sell. As with any region, certain neighborhoods or locations throughout the Adirondacks will always fetch a higher price.

Properties with waterfront, larger land parcel or access to certain amenities will almost always have a higher price than a normal community home. Access to nearby recreational facilities like parks, golf courses, tennis courts or marinas can make a property more sought after. Close proximity to trail systems, bodies of water, ski mountains or other facilities can also make a property more desirable.

Additionally, other location related conditions like short term rental regulations in the area can also affect the pricing of homes. Regulation of short term rentals can vary by location and change over time. This is currently a hot topic issue in some areas of the Adirondacks and you may need to do some research on where trends are headed in your property location. Pricing with the assumption that you will be able to attract buyers that intend to use the property for short term rental may not work out if there is a change in regulations on the horizon. See below for more info on STR’s.

3. Inventory Features & Amenities

The type and number of desirable features and amenities will also weigh in when considering how to price your home to sell. How many acres are included with the home, what is on the land, which home features have been upgraded or added, and any amenities provided by an HOA can all increase or decrease the price point. In the Adirondacks, waterfront access is also a big factor that can increase the desirability of a property.

Acreage is typically important for home buyers who are looking for privacy and space to explore Adirondack nature from their back door. The location of the acreage will also affect pricing. The Adirondack Tri-Lakes region is one of the most desirable location in the Adirondacks and pricing follows suit. Generally, the farther the location away from this region, the lower the price point.

What is on the acreage can also have a big affect on price. Trees suitable for logging harvest, stunning views, small waterways like ponds and streams or even direct access to some of the small mountains or hills will all produce some higher prices.

Upgrades and added features can also be a big influencing factor when determining how to price your home to sell. Especially for older homes, updates and added features typically increase pricing. Screen porches, decks or boathouses that may have been added to the property over the years can make it more desirable. Additionally, upgraded systems throughout the home can give a more turn key feeling. A potential home buyer is more likely to see a property as more valuable with some of these newer features and add-ons.

While there are not too many HOA’s in the Tri-Lakes area, this may be a feature that potential home buyers are looking for. The few HOA areas in our area can vary widely on the services that they provide. Some are private road homes where the focus is mostly on road maintenance, while others like properties at the Whiteface Club & Resort offer their homeowners access to tennis courts, golf course, private beach and marina as well as home and roadway maintenance. This can provides peace of mind for second homeowners as well as full time residents.

4. Review Property Regulations

As mentioned above, when determining how to price your home to sell, there are factors that online price estimates do not reflect, including the variation and condition of homes or current community regulations. Also mentioned above, regulations on short term rentals in particular can really affect the price of a property. For example, a home may have sold for $700,000 before STR regulations were enacted, then sat on the market decreasing in value to as low as $500,00 after STR regulations came into place. Knowing current regulations and trends in your region is crucial to determining a good price point.

Currently, the village of Lake Placid is focusing on removing short term rentals from the residential neighborhoods. Current homeowners already operating STR’s would be grandfathered in. In Lake Placid, properties with an HOA that are also on the main road corridor are still increasing in price.

Saranac Lake currently has a memorandum in place. No more STR permits will be accepted while they finish determining what regulations to enforce. These regulations have affected pricing on homes, however, these price changes are not showing up in Zestimates yet, as is often the case when there is a sudden new factor in the market.

Unfortunately in the Adirondacks, there is no easy formula for how to price your home to sell. While in some larger cities, homes are very similar plus or minus a few features, each home in our area is pretty unique. This makes it more challenging to determine the correct price.

While we hope our 4 Helpful Hints for How To Price Your Home To Sell gets you pointed in the right direction, talking with a trusted real estate agent who is active in the field will almost always give you the best results. A skilled realtor can help you price your home correctly and also provide the additional benefits of marketing, networking with potential home buyers and hopefully a quick sale. Contact us today at 518-523-3333 for expert help on selling your home!

Reset password

Enter your email address and we will send you a link to change your password.

Get started with your account

to save your favourite homes and more

Sign up with email

Get started with your account

to save your favourite homes and more

By clicking the «SIGN UP» button you agree to the Terms of Use and Privacy Policy