The Real Estate Corner, My Two Cents…..
Sell Your Home for More by Avoiding These Common Pricing Blunders
Home pricing is not a simple process and unless you do your homework, it’s easy to make a mistake. When selling your home, your pricing strategy can make or break how quickly your home will sell and how much it will sell for. Statistics show, overpricing your home can actually cause it to sell for less.
Make a smart sale by avoiding these common pricing errors.
# 1 – Not Doing Your Homework
Research past sales in the neighborhood, don’t use hear-say or the listing price of the house down the street. Look at the Comparable Market Analysis, (CMA) which shows the prices of comparable recently sold homes, on the market homes and homes that were on the market but did not sell. All of this information is important to correctly pricing your home to sell.
# 2 – Pricing Too High From the Start
Buyers are savvy and have all the data they need to make informed decisions, they know when a home is overpriced. Statistics show, sellers will net a lower percentage of their asking price and take longer to sell if they enter the market
over-priced.
First impressions are crucial, and the first 10 days are the most important. That’s when your home will generate the most buyer activity. If your home enters the market overpriced, you’re missing the right buyer. A whole segment of Buyers won’t even look because it’s out of their price budget, while other Buyers looking at your home will compare it to higher priced homes and yours may fall short of their expectations for the price. On both counts, you lose. STRATEGY TIP: Price your home correctly the first time to gain the attention of serious buyers – your home will sell more quickly and closer to your asking price.
# 3 – Getting Emotionally Involved
You’ve transformed the house you bought into your home – you’re emotionally invested. Unfortunately, the truth is, Buyers don’t care. They don’t care how much you paid for the home, how much cash you need for the down payment for your next home, or how much money you’ve invested in new landscape. Buyer and Seller emotion is difficult to negotiate and many deals have been lost from emotion. Stay objective during the pricing process by focusing on the statistics generated by closed sales in your neighborhood and don’t be offended by low-ball offers, they’re part of the process. Instead look at every offer as an opening that can result in a sale for you.
AS A HOME SELLER IN THE DESERT AREA,
YOU HAVE A CONVERGENCE OF FACTORS
THAT ARE WORKING IN YOUR FAVOR
Your Opporutnity is Now, While Demand is up, and Inventory and Interest Rates are still low, you will garner your best price.