Price it right! Yes, this explosive term means a lot when you are getting ready to list your house for sale. Arriving at the right price is no sales secret to ensure a successful sale. Pricing your home too high increases the chances that the home may not sell within a designated time frame.
Although you may have tastefully decorated or extensively renovated your home to your lifestyle, some buyers may not see the home as a place they can call home. Consider that your improvements may or may not have an effect on the market value of the home. In fact, personalized decorating can even slow down the activity unless the style appeals to a wider population. Real estate agents are now able to upload multiple photos, virtual tours, property banners and headlines of your property features. And, buyers can sit at home in their PJ’s to preview your property.
To price it right, the sales price must be based on several factors:
• Size of the house and its special features and amenities;
• Recent home sales of similar homes;
• Demand for homes in your area; and
• Price of similar homes currently on the market.
Overpricing a home can be a dangerous undertaking, especially in this recovering market. Today’s buyers are well educated and very informed about property values in the neighborhoods where they are looking to move. We can all thank the internet and interface with real estate websites such as, Realtor.com, Zillow.com, Trulia.com, and others that are popping up daily. Most activity on a listing comes within the first 30 days of the list date.
At the end of the day, you can become very frustrated when your house fails to sell in a reasonable amount of time….leaving your moving plans in limbo. As a result, a price reduction is the likely choice to motivate buyers to make an offer to meet your relocation timeline.