Price Your Home to Sell!
HGTV’s site, Frontdoor, has a great article on properly pricing your home for sale. More accurately, they highlight 6 mistakes you can avoid to ensure your home actually sells.
- Forgoing Research
- Picking Agent with Highest List Price
- Getting Emotional
- Starting Too High
- Taking Your Time
- Chasing the Market
Let’s be clear, these are tips for folks that want their home listed for the sole purpose of getting it sold.
If folks don’t need to sell their home and simply want to “test the waters,” I suggest going big or staying home.Â If comparable homes are selling for $225,000 and you insist on listing your home for $275,000, then please list it for a much bigger price, say…
That way, everyone will know that you are not serious about selling your home anytime soon and buyers won’t waste their emotion and physical energy trying to buy something that really isn’t for sale.
But I’ve digressed…
This strikes me as going right against common sense, but there we are. In today’s ease-of-access-to-information with sites like Trulia and Zillow it seems kind of silly that any market research would simply be “overlooked” or not even completed. If anyone is going to make any claims about what the market is doing, how it’s moving or where it’s been, there had better be some kind of justification or quantification of just what it is doing.
Picking An Agent With Highest List Price
This goes with the idea of “go big or go home” when it comes to over pricing your home for sale listing. An agent that has your interests at the forefront will not hesitate to deliver the not so pleasant news about pricing in this market. Simply choosing an agent because they tell you the price that you want to hear (or even higher!) is not a guarantee of anything except possibly some arm-twisting to lower your price.
As difficult as it is, removing your emotional ties to your home from the transaction will make the process a lot smoother. No matter if you are selling the home short or simply relocating, a lack of emotional attachment, on your behalf, will ease the sales process.
Starting Too High
TIP: Price your home correctly the first time to gain the attention of serious buyers and sell faster. If getting less money for your home is not an easy thought to bear, think of all the costs associated with homeownership that you’ll have to pay if your home sits on the market for several months at an unrealistic asking price.
The first week and a half to two weeks of a new listing are crucial to its overall success in the marketplace. If your home is priced appropriately, serious buyers will stand up, take notice, and write offers.Â If it’s not a compelling price, as good as the marketing may be for your home, that will be a big hurdle for buyers to overcome.
Taking Your Time
As a seller, you can price your home higher than the market to take your time. When the buyers don’t materialize when you “need to sell,” don’t be surprised. By pricing too high, for whatever reason, you have signaled that you’re either not too serious about selling or the house really isn’t “for sale” right now. And, the longer the home is on the market, the more possibility that buyers become leery of any price you may lower it to down the road.