Pricing a Property
Things to Consider as a Seller
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Pricing
The right price at the right time
Pricing your home accurately in the beginning gives you a better chance to sell quickly and for more money. If you price it high and hope people will "make offers", you'll most likely lose that opportunity. Why? Most people get emotionally attached to a home when they make an offer. They've pictured themselves moved in, with their furniture, their food in the fridge and their kids playing in the yard. If the home is priced high and they have to make a low offer to be realistic (most buyers know the market because they've been looking at your current competition), there's a higher chance they'll be rejected.
IF you price your home realistically in the beginning, you'll get the surge of all the buyers that are in the market at that time and then the activity trickles down to the new buyers that continually come on the market after that. Your best opportunity to sell for the most money is during the time of highest demand AND while you're new on the market. If you sit on the market too long, even if you lower your price later, people will think something's wrong with your home and you'll end up getting even lower offers than you should. SO, don't get carried away in the beginning. Price it right and you'll do the best...
Pricing your home accurately in the beginning gives you a better chance to sell quickly and for more money. If you price it high and hope people will "make offers", you'll most likely lose that opportunity. Why? Most people get emotionally attached to a home when they make an offer. They've pictured themselves moved in, with their furniture, their food in the fridge and their kids playing in the yard. If the home is priced high and they have to make a low offer to be realistic (most buyers know the market because they've been looking at your current competition), there's a higher chance they'll be rejected.
IF you price your home realistically in the beginning, you'll get the surge of all the buyers that are in the market at that time and then the activity trickles down to the new buyers that continually come on the market after that. Your best opportunity to sell for the most money is during the time of highest demand AND while you're new on the market. If you sit on the market too long, even if you lower your price later, people will think something's wrong with your home and you'll end up getting even lower offers than you should. SO, don't get carried away in the beginning. Price it right and you'll do the best...
The right price for the right buyers
As the triangle above demonstrates, you can have a lot or very few buyers for your home depending on how you price it. If your property's true value is $250,000 and you ask $100,000 for it, you'll have people beating down the doors to buy it. On the flip side, if you ask $500,000 for it, you won't have any interested parties. Finding the right price is key to getting the most money. I do a market analysis to see what similar homes have recently sold for and what's actively out there as competition for your property and determine the best price from there.
As the triangle above demonstrates, you can have a lot or very few buyers for your home depending on how you price it. If your property's true value is $250,000 and you ask $100,000 for it, you'll have people beating down the doors to buy it. On the flip side, if you ask $500,000 for it, you won't have any interested parties. Finding the right price is key to getting the most money. I do a market analysis to see what similar homes have recently sold for and what's actively out there as competition for your property and determine the best price from there.