When it comes to selling your home, pricing is a difficult step in the process. If you have lived there for one year or several, it was your home all the same. However, if you overprice your home because of personal bias or lack of research you are in danger of making one of the biggest home seller mistakes. Overpricing will waste both time and money and with the right tools you can easily avoid this home selling issue.
Do Your Research
No matter if your home is the most beautiful on the block or the most in need of work, its price tag is oftentimes the lasting impression left with potential homebuyers. The easiest way to set a wise price tag other than working with a knowledgeable real estate agent is to trust the market and comparable homes. If a three bedroom, two bathroom home sold down the street from you and your home is offering very similar amenities and updates then the price should most definitely be in the same line.
Put Yourself in the Homebuyer’s Shoes
When people are searching for homes they look at several, and we mean several. They visit from ten to twenty properties, but the number of homes people can view online now is endless. They have so much to compare your home to and one of the most vital ways to stick out is pricing your home to sell. If it is overpriced, your home may not even make it from a simple view online to a home visit. Remember too that homebuyers are also working with real estate agents who have it as their job to let their clients know when properties are overpriced.
Factors to Consider
When you are setting a price on your home make sure to take the entire picture into consideration. Your real estate agent should provide a Comparative Market Analysis that will help to narrow down the overall value of your home, along with an inspection and appraisal. These tools coupled with current data about recent homes sold in the area will provide plenty of information. It is always important to take into consider the location of your home, proximity to amenities, whether your community is a desirable one to live in, etc.
In a few words, the time and money wasted on overpricing is just not worth it. If you are selling your home now, the market is perfect for it. This is a market primed for sellers, but take advantage of selling, not of the rising prices. If you price your home too high not only will homebuyers overlook your property, but it will draw more attention to homes in your area priced lower. This is not meant to cause anxiety, but rather act as sound advice.
Pricing your home wisely is not a hard thing to do. With a real estate agent knowledgeable in your area along with the research tools they can provide, your home can be priced to sell. For more information on pricing your home or selling this summer, please don’t hesitate to contact us. If you are still researching the selling process, take a look at our Definitive Guide to Selling Your Home.