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Perhaps the most challenging aspect of selling a home is listing it at the correct price. It's one of several areas where the assistance of a skilled real estate professional such as I am can more than pay for itself.
Too high can be as bad as too low
If the listing price is too high, you'll miss out on a percentage of buyers looking in the price range where your home should be. This is the flaw in thinking that you'll always have the opportunity to accept a lower offer. Chances are the offers won't even come in, because the buyers who would be most interested in your home have been scared off by the price and aren't even taking the time to look. By the time the price is corrected, you've already lost exposure to a large group of potential buyers.
The listing price becomes even trickier to set when prices are quickly rising or falling. It's critical to be aware of where and how fast the market is moving - both when setting the price and when negotiating an offer. Again, an experienced, well-trained agent as I am always stay in touch with market trends - often even to a greater extent than appraisers, who typically focus on what a property is worth if sold as-is, right now.
Agent experience critical
When working with a real estate agent, it's critical that you have full confidence in that agent's experience and education. As a skilled, knowledgeable agent, I am able to explain to you exactly why your home needs to be priced at a certain level - compared to recent listings and sales of homes similar to yours.
As an experienced agent, I also know exactly what the current pool of buyers are looking for in relation to particular styles and price ranges of properties. As a skilled agent, I can recommend changes that will enhance the salability of your home, thus increasing the price - and/or decreasing the length of time before a sale.
Little touches can generate big returns
Some of these changes may be cosmetic, involving literally no expense on your part. It might be as simple as moving out some of your furniture and adjusting window coverings to best display desirable qualities of the home. Other changes might demand an investment, but the cost will likely more than pay for itself in the final sales price or timeliness of the sale.
It's critical to keep all these aspects of pricing in mind, that's why I am confident you will be happy when choose me to list your home.
A Few more thoughts in deciding on a List Price
Pricing your home too high for the market
can cost you in the long run. Here's why. Your home is most marketable when
it's new on the market. If it's priced too high, it will be shunned by buyers
who won't want to waste time with an unrealistic seller.
After weeks or months on the market, your agent may convince you that the reason your home isn't selling is the price. Even with a price reduction, it's often hard to generate enthusiasm for a listing that has been on the market for awhile.
When you finally do receive an offer, it could be discounted further. Buyers usually want to know how long a property has been on the market before they decide how much to offer.
Sellers often have an overly inflated view
of how much their home is worth. But even the most realistic seller can miss
the mark when it comes to settling an accurate price, particularly in a volatile
market. How can you make sure that your list price is right?
Your aim is to select a price for your home that will sell it for the most money in the least amount of time. The thought of selling a home quickly makes some sellers nervous. Yet, the homes that sell the fastest are usually those that sell for the most money.
First Time Tip
Generally, you want your list price to be within 2.5 to 5 percent of what you expect the ultimate selling price will be. Where you set the price should be dictated by how much price discounting is occurring in your area. When there is little discounting and listings are selling close to asking price, you should list close to your expected selling price.
The best way to determine the best list price, is to have me complete a market analysis for your home which will show you information about properties similar to yours that have sold recently. Your may find that in higher price ranges, the deviation between the list price and the sales price is higher - say 10 percent or more!
Pricing strategies change with the market. When home prices are rising, yesterday's compatibles are out of date. Yet, it can be risky to anticipate appreciation and price your home too high. To protect yourself from selling for lower than the rising market will bear, ask a realistic price and expose the listing to the market before you listen to any offers. If your list price lower than the market, buyers will bid the price up! You actually will get a better price listing lower than higher because the market will always dictate actual selling prices - not you as a seller or me as a real ate professional.