How to Get the Price You Want (and Need)
Pricing Your Home
When you decide to sell your home, setting your asking price is one of the most important decisions you will ever make.
Depending on how a buyer is made aware of your home, the asking price is often the first thing he or she sees, and many homes are discarded online by prospective buyers as not being in the appropriate price range before they are even given a chance of a showing.
Your asking price is often considered your home’s “first impression”. If you want to realize the most money possible when selling your home, it is imperative that you make a good first impression.
This is not as easy as it sounds, and pricing strategy should not be taken lightly.
Pricing too high can be as costly to a home seller as pricing too low. Taking a look at what homes in your neighborhood have sold for is only a small part of the process, and on its own is not nearly enough to help you make the best decision.
A recent study, which compiles 10 years of industry research, has resulted in a new special report entitled “Pricing Your Home: How to Get the Price You Want (and Need)”. This FREE report will help you understand pricing strategy from three different angles. When taken together, this information will help you price your home to not only sell but sell for the price you want.
Continue reading NOW to learn how to price your home to your maximum financial advantage.
Pricing Strategy Starts with Good Information
Before you can begin to know what your home is worth, you should do some research, bearing in mind the following:
An analysis of what homes have recently sold for in your neighborhood is NOT enough to help you properly price your home.
A quick scan up and down the street at the prices of homes that have recently sold will give you a starting point. However, this is not nearly enough for you to base your entire pricing strategy on. It is important for you to understand how buyers look for a home.
Think about how you conducted your house hunting search to find the home you are now thinking of selling.
You most likely did not confine your search to a single neighborhood, but perhaps different neighborhoods or towns in order to find a home that best matched your needs and desires.
The prospective buyers who will be viewing your home, will conduct their searches in a similar manner. That means they will be comparing your home to, for example, brand new development homes, century homes, 10-20 year old homes, etc.
They will also consider locations such as homes in established neighborhoods, the middle of town, the suburbs or country properties. Each home will have a different look and feel and it’s quite possible that a prospective buyer might consider all of these variables in the search for a home.
You can see, when you’re selling your home, you’re not just competing with the home around the corner, but also with all homes in other areas which have the same basic characteristics: i.e. number of rooms, overall living space, etc.
Continue Reading below for the full report on how your asking price affects your selling price.
How Your Asking Price Affects Your Selling Price
There are 4 common strategies that most sellers use to price their homes. It is unwise to assume that a higher asking price will net you a higher selling price. In fact, often this equation works in reverse if you’re not paying attention to what the market is telling you. Bear this research in mind when you set your asking price.
1. Clearly Overpriced
Every seller wants to realize the most amount of money they can for their home, and real estate agents know this.
If more than one agent is competing for your listing, an easy way to win the battle is to overinflate the value of your home.
This is done far too often, with many homes that are priced 10-20% over their true market value.
This is not in your best interest, because in most cases the market won’t be fooled.
As a result, your home could languish on the market for months, leaving you with a couple of important drawbacks:
- your home is likely to be labeled as a “troubled” house by other agents, leading to a lower than fair market price when an offer is finally made
- you have been greatly inconvenienced with having to constantly have your home in “showing” condition . . . for nothing.
These homes often expire off the market, forcing you to go through the listing process all over again.
2. Somewhat Overpriced
About 3/4 of the homes on the market are 5-10% overpriced.
These homes will also sit on the market longer than you want. There is usually one of two factors at play here: either you believe in your heart that your home is really worth this much despite what the market has indicated (after all, there’s a lot of emotion caught up in this issue), OR you’ve left some room for negotiating.
Either way, this strategy will cost you both in terms of time on the market and the ultimate price received
3. Priced Correctly at Market Value
Some sellers understand that real estate is part of the capitalistic system of supply and demand and will carefully and realistically price their homes based on a thorough analysis of other homes on the market.
These competitively priced homes usually sell within a reasonable time-frame and very close to the asking price.
4. Priced Below the Fair Market Value
Real Estate Agents Will Help You Price Your Home Correctly
When you choose to work with Your Home Sold Guaranteed Realty of Florida we will give you free home seller resources and guarantees to help you price correctly and get the most money possible when selling your home.
Give one of our expert real estate agents or call us at 888-449-9474 or complete the form below for more information.