Setting the right price point when selling a home is an important decision. Too high, and you’ll miss out on potential buyers. Too low, and you might as well be throwing money away. But where is the Goldilocks “just right” price? That’s where your trusty realtor comes in!
While you may feel like it’s a good idea to list your home high and then have more room to bargain or lower the price later if it doesn’t sell, it’s better to price realistically from the start. By overreaching on the price, you may rule out some potential buyers who don’t come see the home because they think you aren’t serious about selling or aren’t willing to make a deal. You’ll also lose some potential traffic from people who have been searching homes with a price range filter. For example, if a potential buyer is searching HAR.com, viewing all listings priced between $400,000-450,000, and you expect to sell yours for $440,000 but list it for $455,000 to give yourself room to bargain, this buyer won’t even see your listing. Planning ahead to drop the price later is counterproductive, because a new listing gets the most attention. You want to get as much traffic through your home in the first thirty days on the market as you can. Many buyers assume if a home has been on the market for a long time, there is something wrong with it or the sellers are being uncooperative.
An expert realtor who knows the local market intimately will be able to help you set a price that will make your home sale a great deal for you and the lucky buyer. Fortunately, we have plenty of agents to choose from who are all highly skilled and know just how to price you home. Some people are concerned that a realtor will price their home cheap to sell it faster, but that’s actually not a logical strategy. It isn’t in a realtor’s best interest to price the home extra low in order to sell the house faster, because that means a smaller commission for them and a lower profit for you, making you less satisfied with the deal and less likely to work with them again. Trust your realtor to help you arrive at a fair, reasonable price based on their knowledge of the local market and current trends.
If you’re thinking about selling, contact us for a free Comparative Market Analysis to determine the value of your home.
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