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Sellers: It’s Risky Pricing High to ‘See What Happens’

Jan - 24 | | No comments. | Blog, Karla Elcock, Realtors, Residential, retirement

Every seller wants to get the best deal for their house—So why not just price your house to the moon?

After all, you can just bring it down later, right?

Well, there are a few problems with that. If you price high and then slowly start bringing it down…and down…and down…buyers are going to notice. It makes that home start to seem like it’s in a bargain bin. You want your home to appear like a deal the day it hits the market, not cheapened goods months later. When properties sit on the market for an extended time because of overpricing, buyers are going to wonder why. Would you feel urgency as a buyer if you read that a property was listed 180 days ago? Probably not.

To set a realistic price, consider these tips:

Do your due diligence. What have houses like yours sold for when the deal was made in a reasonable time? And what were the original prices of those homes?  Remember…the price that you’ve seen on ads may differ greatly from what the actual selling price was half a year later.

Have an honest discussion with your real estate agent. He or she knows the area, and wants to sell your home as quickly as possible for the most competitive price.  Ask to see what other homes like yours have sold for.  So important.

Be an assertive seller, but don’t overplay your hand. Remember, the little extra money you hold out for may not be worth the six months or year of mortgage payments you’re stuck paying in the meantime!

An additional problem with pricing to high is that even IF a buyer came along who loved your home  and offered you your high price, their financial institution will probably want an outside appraisal prior to the mortgage financing being approved.  At that point, the appraiser is going to check on what like properties have sold for, and your exuberant buyer likely won’t get financing.  That’s an emotional roller coaster that you don’t want to ride!

We want your home to sell in good time, for the highest price possible.  We don’t want your home to sit on the market like most over priced listings so we won’t tell you that you can get more money, just to make you happy.  Doing that will just disappoint you later when you get no offers, or worse, the dreaded low ball offer.

Talk to your local RE/MAX agent who can help you price your home to sell.

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