Updated: Feb 10, 2020
The proper pricing of your home could be the difference between selling in a timely manner OR not selling at all.
Although the average real estate contract is 6 months long, your home has the most exposure in the first 30-days of listing it for sale. To avoid a stagnant situation, it is important to capitalize on that short period of time with giving the best presentation of your home and proper market pricing right from the start.
There are many reasons over pricing your home could negatively effect the sale of your home, here are a few to consider:
If you start high with intentions of reducing later, by the time you reduce, you could be missing out on the surge of initial interest. Buyers tend to question the desirability of a home the longer it sits on the market.
Prospective purchasers might also wonder if there's something wrong with your home after seeing a price reduction so early in the listing period.
Also, the buyers' agents may tell their clients to pass on an over priced house, or to offer significantly less than what the house is offered at- potentially less than actual market value.
Your objective, when selling a property, is to get the highest price in a short amount of time. The objective for a buyer is typically to get the lowest price, with the best moving terms. It's important to keep this balance in mind when pricing your property for sale.
Establishing market value is key to properly pricing your home for sale. Despite what you paid originally, or the value of any improvements you've made over time, the value is determined by the market; what other homes similar to yours have sold for in the past few months. Take some time to do some online research of recent sales and what is currently for sale in your area. Prospective buyers will use the same search to compare your home to the others that have sold or are selling. And have us pull together a comprehensive market analysis for your home.
If you're wondering the value of your home, contact us today. One of our home pricing professionals will call you as soon as possible!