Real Estate Pricing, Avoid These Common Mistakes
At ConesusLake.com, we like to avoid listing mistakes and work hard to make sure our clients are informed and have the knowledge they need to work closely with us, to sell their home. Common mistakes can make selling a home more difficult. These can however be easily avoided. Below are some of these mistakes that relate to the listing price of your home, that when avoided can make your stress and the realtors job, much less difficult.
The most common error a homeowner can make relates to how they price their home for sale. Overpricing a home can cause it to linger on the market and it won’t matter how good your real estate agent is or how good their marketing plan is.
Listing a home at the proper price for the market will help your home sell quicker. Pricing a home at the correct price is not easy. This is why seller’s hire real estate agents to figure out what the worth, market value and correct marketing strategy would be for your home’s quick sale.
Mistake #1: Price my Home High to Leave Room to Negotiate.
Many people think that they should price their home higher to leave buyers and sellers room to negotiate on the sale. This is a huge mistake. The internet has left today’s buyers extremely knowledgeable and ready. A home that is listed for its market value and not 10,000 to 20,000 above for “negotiating room” will more often than not, sell quicker, as it will attract more buyers.
Mistake #2: Place my Home with the Real Estate Agent that Offers the Highest List Price.
In the Greater Rochester NY area alone, there are nearly 3,000 Real Estate Agents. Choosing the right one, can seem difficult and daunting. Interviewing 3 agents and then choosing the one that says your home is worth $50,000 more than you were told by the other agents is a huge mistake. Offering an unrealistic price is not going to sell your home and is wasting your time.
Mistake #3: I can Sell my Home Without a Comparative Market Analysis.
A great real estate agent will spend time researching and gathering data prior to giving the seller a recommended list price. A CMA or Comparative Market Analysis will allow your home to sell quickly and as close to your listing price as possible. This will also help to prevent problems further down the line by reducing the chance of your home being under appraised after the sale.
Mistake #4: Price my Home High, I Have Time
Overpricing your home because you are in no hurry to sell, is a bad idea. If you are in no hurry, than it would be better to wait until you are ready to price the home correctly. Otherwise, your home will sit on the market. Most homes that sit on the market for a period of time will cause buyers to ask questions, like "what is wrong with the home?" There could possibly be nothing wrong with the home, other than it is priced to high.
The final line is to price your home correctly the first time. A properly priced home should have showings in the first few days.