Pricing your home correctly is one of the most important decisions you will make after deciding to sell. It’s only natural for us to believe that our home is sometimes more valuable than what the market will pay. The fact of the matter is that market value is one of the most accurate indicators of what potential buyers are willing to pay for your home.
By pricing your home correctly…
– Your home sells faster because it is exposed to more qualified buyers.
– Your home does not lose its “marketability”.
– The closer to market value, the higher the offers.
– A well-priced property can generate competing offers/multiple offers.
– Realtors will be enthusiastic about presenting your home to Buyers.
Three simple truths…
– Available comparable homes in your area give some indication as to what Buyers might be willing to pay for your home.
– Sold comparable homes in your area give some indication as to what Buyers are willing to pay for your home.
– Expired listings in your area give some indication of what Buyers are not willing to pay for your home.
I’ve been on both sides of the equation and the advice is sound. The longer a home remains on the market without being sold, the more home buyers will start to question what is wrong with the home, further reducing interest. An overpriced home actually sells other listings by making them more attractive. The above points illustrate another important truth about selling real estate or any item for that matter. A vendor should not get emotional about the sale. All that matters are the facts. Leave the emotion to the buyer.