Pricing your property for sale is never an exact science; there are many things to consider. Here are four common mistakes you should avoid when pricing your home:
1. Leaving too much room to negotiate. This often happens when you price your house higher than what the market data says it’s worth. Buyers are very savvy and have plenty of information at their fingertips these days. If a property is priced too high, buyers frequently won’t even come to see it, which will cost you more time and money in the end.
2. Selecting the agent who recommends the highest price. Sellers usually interview between three to five real estate agents before choosing one to sell their home. If you only pick an agent based on the sales price they suggest, you’ll run into trouble. You want to hire an agent who puts the time and energy into finding the correct price for your home and will be honest with you.
3. Not getting a market analysis. Multiple automated analyses are available as a starting point, but they’ll typically give you a range of prices. A professional agent will take the time to factor in things such as lot size, upgrades, and other features that could impact the value of your home.
"If a property is priced too high, buyers frequently won’t even come to see it."
4. Pricing too high because you’re not in a hurry. Even if you’re not in a hurry, pricing too high will leave your home on the market too long, and buyers will start to wonder why it’s just been sitting there. It’ll develop a stigma, which can cost you quite a bit of money.
If you’re considering selling, have real estate questions, or are curious about your home’s value, call or email us anytime. We always want to be your real estate resource and support you.
