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Pricing Your Home
Strategies to Maximize Selling Price
Pricing your home is both an art and a science. Achieving the optimal price results from objective research into comparable properties and a gut feeling about your property and the current market.
The right price should:
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Attract buyers
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Allow you to earn the most money possible
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Help you sell as quickly as possible
The simple fact is, price is the number one factor that most homebuyers use to determine which homes they want to view. And it's important to remember that, although the price is set by you, the value of the home is determined by the buyer. Try to avoid allowing your enthusiasm to impact your better judgment - overpricing is a common mistake that can cost you in the end.
Pricing Your Home
The Importance of Proper Pricing
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Faster sale and less inconvenience
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Exposure to more buyers
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Increases Realtors® response
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Generates more advertising/sign calls
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Attracts higher offers
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Means more money to seller
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Avoids being "shopworn"
Common Reasons for Overpricing
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Over-improvement
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Need
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Purchasing in higher-priced area
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Original purchase price too high
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Lack of factual data
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Bargaining room
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Move isn't necessary
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Assessed value
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Emotional attachment
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Opinion of family and neighbors
Dangers of Overpricing
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Most of the activity on your home will occur in the first few weeks. Pricing a home properly and then creating immediate urgency in the minds of agents and buyers is critical.
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Don't start with a high price and the assumption that you can reduce it later. By the time you decide to lower the price, it may be too late, as interest will have already waned.
