When pricing your home you’ll want to make sure you avoid these common pitfalls.
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Make sure you avoid these common pitfalls when pricing your home.
First, don’t price your home out of the market. When buyers are searching they focus on round numbers, so they are going search up to $25,000 or $50,000 price breaks. If you are slightly over one of those price breaks because you think your home is worth a little more than that, you might be invisible to potential serious buyers. Also, keep in mind that buyers have the ability to research comparable home prices and will know if your price seems high.
Second, don’t let your home sit on the market. A home that sits on the market for months does not look good to buyers. Buyers can log on to sites like Zillow and check how many days your home has been on the market, so if they think you are desperate there’s a good chance they will present a lowball offer.
Buyers have the ability to research comparable home prices and will know if your price seems high.
Third, an appraisal is going to reveal your home’s value. A bank uses the appraisal for the buyer’s loan, so even if a buyer agrees to a high list price, you as a seller will more than likely have to drop that price to the appraised value so the buyer can obtain their mortgage loan.
Fourth, overpriced homes take a long time to sell. If your home is priced too high it can delay your plans and keep you from moving on with your life. Also, statistics show that if you overprice your home it will end up selling at the same price if not less than the price you should have sold it for originally, but it will take three to four times longer.
If you have any other questions about common home selling pitfalls or if you want to know what your home is worth in our current market, give me a call or send me an email. I would be happy to help you!
