PRICING TO SELL
You want buyers to be interested in your property. The first thing most buyers are interested to know is the price. With that in mind, you want to ensure that your property is on the market for a price that will attract buyers, but will still provide you with a good return.
What is Market Value?
A Real Estate Agent is there to help you correctly price your property. Deciding on true market value is where the agent’s expertise will come into play. Prior experience and knowledge will make certain that your property is priced well. Regardless of the original price you paid for the property, or even improvements you’ve made over the years, market value is still based on what buyers are paying for similar properties at the time you put yours on the market.
Don’t Lose a Potential Buyer
The rule of thumb is that buyers look at about twelve properties before they make an offer. This will give them a great idea of whether or not your property is well priced. If it’s priced too high, you’ve just lost a potential buyer. The overlap between the price range of the buyer and seller is shown in this diagram - keep it in mind when you’re pricing your property.
The overlap between the price range of the buyer and seller is shown in this diagram - keep it in mind when you’re pricing your property.
OVERPRICING YOUR HOME
You might think that if you put a high price on your home, "just to see what happens" no harm is done. Nothing could be further from the truth. Overpricing your home might seem harmless, but in fact you could miss out on otherwise serious buyers you’ve out-priced.
If you’ve priced your home on the high side and later have to lower the price, buyers may wonder what is wrong with your home and lose interest. Pricing your home reasonably the first time is critical to attracting the right buyer at the right time.
What you don’t want to do is wind up selling your home for lower than market value because you’ve scared off buyers with your price corrections.
If you are able to be realistic with your selling price, everyone wins.
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