Thinking of selling your home? Don’t get tripped up by some common misconceptions as you think about pricing your home. Read on…
Misconception #1: Receiving an offer at or close to list price in the first week means that the home was underpriced. False. A home priced appropriately for the condition of the home & within current market values should sell quickly at or close to the list price – that’s the goal! We are currently in an unbalanced market, with more buyers than available homes for sale. If your home isn’t selling quickly, it is probably priced too high.
Misconception #2: The biggest house in the subdivision gets the best price. Not necessarily….. There are many factors that can affect sale price, including condition of the home and location. For example, a smaller sized home could get higher price than a larger home in the same neighborhood if it were in better condition and/or had marsh or water views or water access.
Misconception #3: You get more for your property if you “pad” the price with bargaining room. False. Simply put, if you overprice your home by adding “padding” to the list price, chances are it will sit on the market longer.
Misconception #4: Every buyer likes to bargain or negotiate on the price. False. Buyers who understand the market may not want to negotiate on price if they see a well cared for home priced within current market values. Remember, we are in an unbalanced market, with more buyers than homes for sale.
As you consider selling your home, our best piece of advice is to sit down with a trusted real estate agent (like us); discuss your goals, learn about the current market and ask questions so that you can determine if this is the right time for you to sell. We are here as resources to help you make a decision that is right for you.
Warmly,
Lauren & Cambron | Lauren Zurilla & Associates