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Pricing and marketing your house to sell in today's competitive real estate market is an art that requires knowledge and experience. Achieving top dollar begins with realistic pricing. The listing price of your home should never be based on whim, emotional attachment, subjectivity or less than a full evaluation of the homes which have recently sold in your neighborhood. Your price should always reflect the current market. Pricing your house right at the start will attract the most qualified buyers. When a house first comes on the market there is a flurry of activity if priced right. There's a large pool of buyers who have not found their home yet, just waiting for new homes to appear on the market. Once those potential buyers have seen your home, there is only a trickle of new buyers coming into the market. Even if you drop the price later, the best chance to sell for top dollar has already passed you by. It's a known fact that a buyer is more likely to make a full price offer on a home that is priced right before making a low offer on a home that is priced too high. That's why it is so important to be priced right during the early activity. The longer your house stays on the market the more likely it will sell below market value. Price your house so that buyers compete. When buyers compete, your house sells for a higher price. Having said all that, it's also understandable that you don't want to leave money on the table by pricing your home too low. That's why it's imperative that you either have a professional appraisal or have a REALTORŪ provide you with a Competitive Market Analysis (CMA). A CMA is an objective look at the market value of your home, and removes much of the guesswork in pricing your home. 10 Tips on Pricing Your Home 1. To sell your home for top dollar, you must offer top condition. 2. If your goal is to sell your house for top dollar, overpricing will normally work against you. You will have fewer showings, receive lower offers or no offers. Your property will help sell other properties. 3. Don't let emotions, ego or future cash needs affect your pricing strategy. 4. Price your home realistically, but allow for some negotiation so the buyer feels that he or she has struck a fair agreement. 5. Avoid having your home become "market weary." The longer your home sits on the market unsold, the less likely it will sell for top dollar. 6. If your home hasn't sold in the first 30 days, it's time to consider a price reduction. 7. Buyers want to see and agents want to show homes they perceive as good values. Price your home in accordance with the current realities of the local real estate marekt. 8. Remember that studies clearly show that homes sold by owner end up selling for significantly lower than those sold using the services of a Realtor. Buyers will often make lower offers on a For Sale By Owner, deducting the commission he or she thinks the seller is saving. 9. Don't choose a real estate agent who attempts to "buy the listing", offering to sell your home for more than the true market value. Choose a Realtor based on experience, integrity, marketing and service, rather than one who is the highest bidder. An agent who gives you false hope in order to obtain listing is doing a disservice to you. 10. Price your home in accordance with recent sales data. Have a Realtor provide you with a Competitive Market Analysis, and confirm that the comparable properties used in his or her analysis are similar to your home. |
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Do you know the value of your home? Receive a Free Competitive Market Analysis, conveniently emailed to you. |