As a homeowner, you cannot afford to lose money on
the sale of your home simply because you did not take the time to
price your home according to its true value. Under-pricing will leave
you full of regret – and overpricing will leave you with a home
that has not sold. Home pricing is a balancing act, because you need
to take into consideration not only the true value of the home, but
also the local market conditions.
Some simple techniques can help you determine the
best listing price for your home. These are many of the same things
that we look for when suggesting possible listing prices.
Here Are a Few Key Points to Keep in Mind When
Pricing Your Home
Pricing a home correctly carries many advantages for
the seller. As stated above, the buyer is the only one who can really
tell you what the value of your home is. Here are some of the benefits
that you will achieve when you do the legwork and price your home
according to fair market values:
Quick Sale
Any realtor will tell you that the fastest-selling
homes are those which were priced properly in accordance with the
local Hampton Cove real estate market and the features that the homes
offered to potential buyers.
Less Updating and Preparation Time
If you price your home according to the fair market
value and its current condition, there is little need to update or
improve your home. Weekend projects like painting and cleaning will
still help to entice buyers, but there will be little need for a serious
commitment of your time and energy.
Agent Interest
When the price is right and your home is appealing,
agents are much more likely to want to show your home to prospective
buyers. Obviously, the more agents who are interested, the more buyers
who will see what your home has to offer.
Appropriate Pricing Makes the Home Visible
When you price your home fairly, potential buyers interested
in purchasing a home in your price range will be able to find your
home through internet searches and agent MLS searches.
Better Buyer Pool
When your home is appealing and the price is fair,
agents will bring a better pool of prospective buyers to your home.
Greater Likelihood of Getting Your Asking Price
Buyers realize that there is little room for negotiation
when a home is listed at a fair price that is not inflated. Therefore,
you have a better chance of getting your asking price.
Greater Profit for YOU
When you price your home correctly, your home will
probably sell quickly and for the asking price. Therefore, you stand
to make a better profit than if the home were to stay on the market
for a long time and eventually sell for much less than an inflated
asking price. In addition to the benefits of fair pricing, you need
to consider the disadvantages of over-inflating a home’s listing
price. These disadvantages can include:
1. Ask us to provide you with a
comparative market analysis (CMA). This report will tell you how much
similar homes have sold for in the past few months, and at what price
non-selling homes are listed. In addition, you will learn how long
those homes that have sold were actually on the market.
2. Assess a per-square-foot price for your home based upon other recent
sales and current listings in Hampton Cove.
3. Look carefully at the reality of the real-estate market. By carefully
assessing the market conditions, you may be able to determine just
what housing price the market will comfortably bear.
4. Remember that pricing your home correctly will mean that you can
move out without having to carry the home for several months and subsequently
lowering your price in order to sell.
Conclusion
If you have read this information carefully, you probably
now realize the importance of pricing your home according to the local
Hampton Cove real-estate market and the types of buyers whom you would
like to attract. You also understand the many benefits of accurate
listing prices, and you have an idea of what might happen if you choose
to over-inflate the price of your home. If you are working with an
agent who is recommending that you over-inflate the price of your
home, carefully balance the advantages and disadvantages of doing
so with respect to your specific situation and the timeframe in which
you need to sell the home. Careful planning and consideration is your
best defense in a buyer’s market. Once you have done the necessary
research, set a listing price that will help you to sell the home
as quickly as possible without underselling yourself.
