Reasons Why It’s Important to Price Your Home to Sell
Coming up with the “right” price when selling your home is a balancing act. You want to ask as much as possible…but not so much that you turn away potential buyers. However, you don’t want to cheat yourself with a price that’s lower than your home’s worth.
Your emotions also have a great effect on the price you list your home for…almost all homeowners overvalue their home because they know what a great home it has been for their family. Unfortunately, buyers don’t have those same feelings…and ultimately the buyer is the one that sets the price that the house will sell for.
The “right” price is one that’s in tune with what similar homes are selling for in your market.
The “right” price is one that the buyer feels accurately reflects the home’s value.
To help you arrive at a price, your real estate agent should show you comparable recently sold homes (in the past three –six months) and any comparable pending sales. This information will help you evaluate the market in your area. Please take their advice and resist the temptation (that all home owners feel) to overprice your home.
HERE ARE THE THREE REASONS TO PRICE YOUR HOME CORRECTLY FROM THE START:
YOU CAN ATTRACT MORE BUYERS
Some sellers may be tempted to ask for more than market value — even if they’re willing to accept a lower offer — just to see if there are any takers at the larger number. But this strategy of “testing the market” can backfire if sellers price their home out of range of potential buyers.
YOUR HOME WILL NOT LOOK AS GOOD AS THE OTHER HOMES AT THE SAME PRICE
With home photos online, it is easy for buyers to compare ALL the homes for sale at your price point –and if the competition has granite countertops, more bedrooms or baths, or other amenities that your home doesn’t then buyers will feel that your home is overpriced when compared to the other homes they are looking at that have these features.
WHEN YOU SELL YOUR HOME FASTER, YOU WILL SELL IT AT A HIGHER PRICE
In a hot market with many buyers, a fairly priced home could receive multiple offers because people recognize it’s a good deal. But an overpriced home could scare away some of those buyers, who may think that they’re dealing with an unreasonable seller.