Pricing Your Home
Pricing your home right is the single biggest factor in how quickly your home will sell, and price is the number one factor that most home buyers use to determine which homes to view.
Your real estate agent will review your home and then compare it to recently sold homes that are similar in stats and location.
Today, there is a pool of buyers waiting for your home to hit the market. When it does, that group of buyers who are searching will find your house, and decide if it looks like it is worth seeing. In the first few weeks some of the buyers in this group will come for showings.. They will consider how your home compares to the other houses on the market on features vs price. If you home does not show and compete well enough in the first 5 weeks to generate an offer, you will be forced to wait as the trickle of new buyers comes into the market. 80% of potential buyers will see your house in the first five weeks, if you don’t sell them then, it takes approximately three months to replace them with an equal number of newcomers.
The biggest mistake that sellers make is to lower their property price too little, too late. Many people feel they will start with a high price, and then lower it if they don’t get an offer. The problem is that most prospects won’t even look at your home if it is priced our of their range or if it doesn’t compare well to the other homes in your price range, even if you know you would actually accept less. The majority of buyers will take the path of least resistance and only look at homes that are close to their actual price range, rather than hoping to negotiate a high priced home down.
What Affects Your Asking Price?
What Doesn’t Affect Your Asking Price?
What Happens To an Overpriced Home?
The Bottom Line: The best strategy is to price it right from the start!
Pricing correctly from the beginning gives you the best leverage by attracting more buyers who know your home is priced right, and will want to act quickly to not miss the opportunity to buy.