Figuring out the where to price your home can be more difficult than most sellers think. It is not a decision that you should take lightly. If you initially price you home to high it will stay on the market longer. Some sellers think that is fine because they are in no rush to sell their home. While that may be true, it is also true homes that sit on the market usually sell for less.
So they are putting themselves in a position to put themselves through more hassle and take less for their property. In today’s market, any buyer can easily see how many days a home has been on the market, and homes that sit are less attractive because there is a perception something is either wrong with it because no one else wants in or the sellers are being unrealistic. Either way the longer it is on the market, the lower the chances of you getting a respectable offer. Buyer activity usually peaks in the first 45 days.
First you really should consult an agent to help you set a fair and objective price for your home. A good realtor will see your home through the eyes of a potential buyer. Remember a buyer does not have the same personal attachment to your home that you do. They will probably be indifferent to any sentimental value you place upon your house.
It is not going to matter to them that this house was the first place you owned or it was where your kids were raised. Listen to your agent. Contrary to what you might think most agents are trying to do there best and sell you home for top dollar. It is simply good business.
Also you need to base your price not on what comparable homes listed for but actually what they sold for. Consult with your agent on this one. Be wary of the more popular national real estate sites. The information they provide are often inaccurate. Many times the information is scraped from other sites and provide inaccurate price adjustment data and almost never include concessions.
You may want to consider a home inspector to find out if your home needs any repairs beforehand. Almost all buyers are going to do this anyway, and these guys are scary through. So if something is going out, chances are they are going to find it. Even if you do not want to fix it, you can disclose it would be buyers. Trust me there is nothing worse than looking like you are trying to hide something. Plus this gives a buyer an easy out of the contract, and if they weren’t looking for one already they are considering it now.
Please contact us if you are interested in receiving a no cost comparative market analysis.