How Not to Price a Home
Do you know how to price a home? Some homeowners want to price their home for up to $30,000 higher than market value. They think by pricing the home higher, they leave room for low-ball offers. This thinking in theory is sound, but in reality, it doesn’t offer the results you’d expect.
Statistically, a home that is well priced will sell more quickly and closer to list price than one that is overpriced. Realtors know they need not leave room for negotiations because today’s home buyers are extremely well educated – they are market savvy and privy to much information via the internet and other valuable sources.
When homeowners price their home out of market range, they actually preclude themselves from the needed attention a home deserves when initially coming on market. The home will get stale after sitting on the MLS for a month, and the homeowner will have no choice but to see the price lowered. Lowered prices run the risk of leaving tough questions in the mind of potential home buyers; they might begin to question the home’s appeal and wonder what could be wrong.
In addition, when the home is priced right, if the home seller is fortunate, a bidding war might ensue. Bidding wars among possible buyers have been known to give sellers more than what they were expecting.
The best way to price a home is to start by interviewing 3 top realtors. Find the realtor who has listed and sold homes within your price range and in your community. He or she will be best suited to price your home competitively, based on first-hand experience in your particular market.
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