Listing your home at the right price is absolutely essential for a successful sale. Price is the very first thing potential buyers will consider when they come across your listing. If it’s too high, you’ll get no interest. Too low and you could leave thousands of dollars on the table.
As you work with your real estate agent to determine that magic number, avoid making these common pricing mistakes to ensure your home sells for top dollar!
Pricing your home higher to get better offers.
Overpricing is the easiest way to completely tank your home sale. If you list your property for more than it’s worth, you’re not going to get any offers and it will end up just sitting on the market. The longer your house is on the market, the more its value decreases.
You can avoid overpricing your home by getting a comparative market analysis—a compilation of data about similar recently sold homes in your area. It’s also a good idea to do your own research into how similar properties in your local market are being priced to get the most comprehensive picture to guide you.
Not considering all the factors of the current market.
There are several factors you need to take into account to determine what your home is truly worth at this time in your market. The most important ones to consider include:
- Condition of the local market: Is it a buyer’s or seller’s market? What season is it? State of the local economy?
- Condition of your property: Have you made any recent updates? Does it need any costly repairs or improvements?
- Location: Are you in a popular neighborhood? Good community? What are the nearby amenities?
Being afraid to reduce the price.
Many sellers mistakenly believe that a price reduction will reflect poorly on your property and make it less attractive. The truth is, however, that lowering your asking price is an effective way to drive competition for your home and entice potential buyers to make an offer. It also prevents you from being on the market for too long and having to make a significant price reduction later on.
As another bonus benefit, anyone who already marked their interested in your home online will receive a notification about the reduction, reminding them that they were interested in the first place.
The best way to avoid making mistakes when pricing your home for sale is to work with an experienced, knowledgeable real estate agent who can guide you through the process. In Rockledge and Brevard County, FL, Peri Kiros is the agent for the job. Get started with a free property valuation report and from there, Peri will use her skills and resources to walk you through your sale.
Contact Peri today to discuss your real estate needs!