Pricing your property correctly is critical for getting the most amount of money in the least amount of time.
In today’s competitive real estate market, having your home priced correctly can make the difference between finding a buyer or not. Pricing your home to sell in a timely fashion requires some objectivity. It’s important that you not confuse value with cost – in other words, how much you value your home versus what buyers are willing to pay for it. Don’t place too much emphasis on home improvements when calculating your price, because buyers may not share your taste. For instance, not everyone wants hardwood floors or granite countertops.
The majority of showings occur when a house is first placed on the market. Agents arrange for active, qualified buyers and agents to see your home when it is newly listed. Once seen by this group, showing activity decreases to only those buyers new to the market. So, it’s important to position your home at the best price during its first market exposure.
Properties Priced Right:
- Increase the number of showings
- Bring more interested buyers
- Creates ease in appraisal process
- Sends a message to buyers about your motivation to sell
The Value of Your Home is Not Affected by:
- The amount of cash you need from your sale
- Your investment in improvements
- What other real estate agents say it is worth
- Your original cost
- What an appraiser said your home was worth
- What the home you are purchasing costs
Over-Priced Properties:
- Help sell the competition
- Reduce showings
- Attract lookers
- Lose buyers unwilling to negotiate
- Can cause appraisal problems
- Lose the prime market momentum… the first 30 days
- Send a message to buyers about your motivation (creating even lower offers)
- Net the seller less