There are only two reasons that a home does not sell. #1 The home is not being marketed correctly and/ or #2 the price is too high. Today we are going to look at factors to evaluate that will help you determine at what price to list a home to SELL and not to SIT!
Pricing a home right from the start is the most important factor in the success if selling your home. When I speak to home owners that are considering selling their home the big question is always; at what price should I list? The answer depends on many variables which consist of; location, condition, special features, market trends, speed of transaction desired and the reason for selling in the first place.
By human nature people always think that their assets are worth more than everyone else's assets of comparable measure. Why is that.....emotional attachment? Pride? Ignorance? Who know but we are all guilty of it. The important thing to remember when selling a home is that it is a BUSINESS DECISION and should not become about emotions, easier said than done......
So where do you start?
#1 Look is at the general market place; is the market up, down, stable, and consistent?
#2 Look at your area; what are comparable homes selling for, how long is it taking them to sell, what is selling price vs. list price, how many homes are currently for sale, how many homes have been on the market for longer than 6 months.
#3 Know what your needs are; how soon do you want to move, how much money do you have to have from the sale (know your bottom line!), what will you do if your home does not sell in 3 months... 6 months... 9 months?
#4 Start going to open houses in your area and look at what special features, amenities, updates, etc. comparable homes to your have and where they are priced.
Once you have completed the above 4 steps you should know exactly where to price your home for a sale that will fit your needs. You will benefit so much more from pricing your home right from the start and selling within 60 days, than making a poor emotional decision and listing too high and then dealing with 300 days on market, 4 price reductions and your home developing a bad buyers stigma.
Working with a professional REALTOR will better your chances for success every time!
Check back for more blogs about pricing in up markets and pricing in down markets. You can sign up for RSS feeds to be notified of new blog post!