Determining a realistic asking price for your property is probably the most critical element in its sale. It's a well-known fact that overpriced properties help sell other homes in the area. This common mistake could keep your home on the market too long and cause potentially interested buyers to question what must be wrong with the house after a lengthy marketing time and several price reductions.
When considering a price for your property, we will prepare a market analysis to review with you. Basically, a market analysis is a comparative approach to pricing. It takes into consideration other properties in the area that are similar to your own, which are either on the market currently or have recently sold. The locations, conditions, prices, and number of homes that would be in competition with yours for buyers, are all factors in finding the best pricing strategy.
Here are a few tips to remember while pricing your property:
- Proper (not higher) pricing will bring the highest price in the shortest period of time.
- Comparing your home to others in the market is how buyers determine the value of your home.
- Spending too much on repairs and improvements rarely translates into a higher priced property.
- Overpriced homes are rarely shown. With a constant supply of new listings coming on the market, agents and buyers alike will often forget about a property that has been on the market a long time. This eventually brings an even lower price than the seller was expecting to "negotiate down to".
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