It’s essential that you price your home as accurately as possible in any market to help ensure it sells at a reasonable price within your desired timeframe.
Sellers can often be reluctant to price their home in line with the marketplace as they feel they may be giving away too much of their home equity. The reality is, however, that pricing your home correctly from the start will benefit any seller in the long run.
Here are some of the reasons why pricing your home at the current market value is extremely important:
• Potential buyers may not look at your home if they believe it’s out of their price range.
• Buyers comparison shop when considering a home purchase. When a buyer compares an overpriced home versus one that is priced at market value, it will likely convince them to place an offer on the well-priced property instead of yours.
Properties that have been on the market for extended periods often come under scrutiny from buyers who question why the properties have yet to sell.
Perception is a key factor in how a seller’s home is viewed by the average homebuyer.
• Real estate agents may skip over showing an over-priced home as they may believe the seller has little motivation to actually sell the property. Buyers’ agents are always keen on getting their clients through the doors of a well-priced home first in order to give their clients first crack at getting the home of their dreams.
• The longer a listing stagnates on the market, the more likely it will sell for less than had it been priced right in the first place.
The key to pricing your home to sell for the most amount of money in the shortest period of time is to work with a local real estate professional. We know how to do an accurate market comparison and arrive at an asking price that will offer some room for negotiation, but not scare off potential buyers.
As always, if you have any questions about buying or selling a home, your answers are just a phone call or e-mail away!