Six Dangerous Mistakes To Avoid When Pricing Your Home
Reading this report could save you literally thousands of dollars!
- I Need Bargaining Room: Why? If your property is properly priced, buyers will know it and be willing to pay what you are asking. They may well try for less, but they won't want to risk losing it. Every buyer wants to feel that they made a great deal and won on some level, but a big spread between asking and selling price is a false perception.
- I Paid Too Much: This can happen when you buy at the peak of the market and have to move before appreciation catches up to your purchase. Overpricing your property won't solve the problem. Compare your home value to the cost of homes in the market you are moving to. You might find that you could afford more house for less.
- I Need More Money: This on it's own never works. Buyers are more educated than ever and have access to new technology that makes learning market value easier than ever. A property will only sell for what the market will bear.
- I'm Not In Any Rush: Than why put your property on the market? The longer it is on the market, the less someone will ultimately pay.
- Over Improvement: Unfortunately, what you perceive as having value may not add much when you sell. In fact, some over improvements can prove to be a detriment and actually reduce value. Most improvements are personal and made to meet a particular owner's lifestyle. It is always wise to seek advice from your REALTOR® before making major improvements.
- My Cousin's Sister Is A REALTOR®: Have you ever heard that family and money don't mix? Do not try to test this theory when selling your home.
- Overpricing - Results of Overpricing a Property:
- Helps sell the competition’s property first
- Can cause problems at appraisal – resulting in renegotiation or buyer withdrawal
- Extends time on market which can lower the final sales price below market price
- Attracts the wrong prospects – Most buyers work within a range that they can afford and are not comfortable with the concept of “throwing a low-ball offer at it”.