Incorrectly pricing your home can be very detrimental to, not only getting your home should, but also getting top dollar for your property. Following are six items to take into consideration when pricing your home:
- Your home will most likely sell for top dollar when its fresh on the market
- Buyers buy after they shop around. Buyers are in search of the best buy (a great deal). If your homes is priced too high, it will make the other homes look more attractive – you will be selling the competition
- At the sale, your property will need to be appraised. If it appraises below the contract price, you will have a problem. Many sellers then drop their price too much to get it closed!
- Price is the most critical item that both buyers and real estate agents look at when selecting homes to view. Poor location can be corrected with price, so can bad condition, terms, floor plans, and decorating
- Negotiations: If it is priced too high, it’s possible that no one will seriously consider or see the benefit of starting the negotiations. The more accurately priced the property is, the less likely the buyer is to start the negotiations with a “low ball” offer or even see the need to negotiate. Buyers will be more unreasonable than the sellers are going to be
- At the beginning of the marketing cycle, you are exposing it to all the buyers on the market. Within thirty days, you will only be exposing it to new buyers coming on the market