How To Price Your Home Right... From The Start
You’ve chosen your Realtor® and now it’s time to work on pricing your home. Your Realtor® will walk you through the pricing strategy he or she suggest, BUT ultimately the final decision is up to you. Below are 4 wise pricing strategies that can get you an offer the first time around.
Pricing Strategy #1 – Edge Out Emotions
Selling a home can be very emotional and the thought of putting a price on all those wonderful memories may seem almost impossible. But you have to keep in mind that buyers are no more attached to your home than any other home on the market. If you overprice your home, buyers will go in another direction and your competitors will thank you.
Pricing Strategy #2 - Ignore Internet Guestimates
You can readily find a vast amount of home values online. Seller, beware - many of those sites use algorithms to estimate home values. At first glance they sound great until you start to look deeper into the information provided. Do you notice that three different sites show three different values? Ask yourself, "how you I know which one is correct?" The honest answer is because the numbers are not always accurate, you don't know and that's when you need an expert with firsthand experience in your local market.
Pricing Strategy #3 - Avoid Market Testing
When the market is favorable to sellers, it's can be enticing to shoot for the stars to see how much money you get. Keep in mind that although you have an option to negotiate the price with buyers, that's not a good approach. Remember: buyers don't waste time making offers on overpriced homes and the longer your home stays on the market, the more money it will costs you in the end.
Pricing Strategy #4 - Resist Using Creative Math
This is not the time to employ creative math when crunching numbers. Don't base your sales price only on how much money you need to net. Leave your bottom line out of the picture and you will have a better chance of getting a price that lines up with the market.
The value of your home is worth what the market is willing to pay for it. Your Realtor® has access to all of the data you need to compare recent sales of similar homes in your area. He or she can provide you with a comparative market analysis (CMA) to help you get the most money for your home in the least amount of time.
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