Pricing your home to Sell
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A Properly Priced Home is Practically Sold
Without a doubt, of all of the mistakes a Seller can make, incorrectly pricing the home either too high or too low is the most harmful and costly. Price the home too low, the home will sell, and probably sell quickly, but the Seller will lose money that is rightfully theirs. Price the home too high and it will not sell. The home will continue to cost the seller money in the form of interest, repairs and upkeep. More importantly, you may experience severe mental and emotional stress that can be much more costly in the long run.
Why Must You Price Properly?
Chances are that your home will ultimately sell at its fair market value. Pricing it properly at the onset simply increases the likelihood of a timely sale with less inconvenience and greater monetary return.
Buyers educate themselves by viewing many properties and they will always look at a range of homes priced competitively. They know, or learn very quickly, what is a fair price. If your home is not competitive in value with those they have seen in the same price range, it simply will not sell.
Overpricing causes most homes to remain on the market too long. Buyers and agents become aware of the long exposure period and often are hesitant to make an offer because they fear something is wrong with the property. Clean, well-prepared homes, which are on the market for a long period of time, historically sell for less than their fair market value.
If overpricing keeps your home from selling promptly, you may end up owning two homes, the one you are trying to sell and the new home you have already purchased. This can prove to be costly, worrisome and very inconvenient. Most of the Buyer’s interest activity is generated the first 5 weeks of the listing period. Statistics have shown that agent’s and the Buyer’s interest grows as soon as a home is placed on the market, peaking somewhere around the 3rd or 4th week. Pricing a home properly and then creating an immediate urgency in the minds of agents and Buyers is critical!