The Top 4 Home Pricing Mistakes
Everyone wants to make the most amount of money on their home sale, however these Top 4 Most Common Pricing Mistakes can cost you big time. Avoid these mistakes at all costs, and when in doubt, consult with your local real estate expert.
Pricing Too High From The Start. Almost every home buying experience today starts online. Buyers are more savvy than in years past. They’re going online looking at pictures and comparing prices. The first 10 days after entering your home into the MLS is the most important, because it’s when your home will get the most activity. Pricing your home too high only helps to sell your neighbors home which may be priced lower. Once you start lowering to compete with your neighbors it can create a stigma, and buyers may think there is something wrong with your home. Serious buyers have probably moved onto something else, and your home will take longer to sell. Pricing accurately from the starts allows your home to sell faster and for more money.
Using An Odd List Price, Like $864,257. Realtors and buyers search for homes using price categories. Make sure your pricing makes sense when agents search a window of $550,000 t0 $600,000 for example.
Not Basing Your Price On Sold Homes. The only true pricing guide is searching for “SOLD” homes. A home can be listed at any price, but that doesn’t mean the home will sell at that price. Your Realtor can put together a Comparative Market Analysis (CMA). A CMA will tell you what homes like yours are actually selling for, how long they are staying on the market before selling, and what their sales prices were in comparison the their list prices.
Refusing To Negotiate. Unless an offer is incredibly low, an offer suggests that a buyer is serious about purchasing your home. If an offer comes in close to what you want, be willing to negotiate and make a counter offer. Everyone wants to feel like they got a good deal. In some cultures it’s expected to negotiate, so don’t take a low offer as an insult. Instead be willing to create a win-win situation for everyone involved.
