Deciding where to price your home can be a more difficult decision than most sellers think, and it is not one that you should take lightly. If you price you home to high it will stay on the market longer. Some sellers think this is okay because they are in no rush to sell their home. While that may be true, studies have shown homes that sit on the market often sell for less.
In today’s market, a buyer can easily see how many days your home has been on the market. Homes that sit on the market too long are less attractive because of buyer perception. Maybe there’s something wrong with it. They’re probably just asking too much. It is human nature to question things that others pass up on.
The longer your home sits on the market, the lower the chances of you getting a respectable offer. Buyer activity usually peaks within the first 60 days, and with no additional change, activity tends to further diminish after the first 90 days. If you want to get the best offer, it is advised for you to price to sell within the first 100 days.
It is also important to remember a buyer does not have the same emotional attachment to your home as you do. They will be indifferent to any sentimental value you have for your home. Many homeowners fall into the trap of overestimating the value of their property because of how they feel. A professional will see your home through the eyes of a potential buyer and will help you set a fair and objective price for your home.
You also need accurate data. You should be wary of some of the popular national real estate websites. The information they provide is often inaccurate and based on less equivalent properties. You want verified data from the most comparable homes to one want to sell.
Your pricing decision should be based on what comparable homes actually sold for and not solely on what other sellers are asking. This can set an unrealistic expectation and diminish you marketing efforts. Often homes that ask for the most are the ones that get shown the least.