Price It Right!

Price it right before you list it . 

I frequently see sellers list houses at above-market prices. Some hope to get lucky with a motivated buyer; others think they need to leave room to negotiate or they need to net a certain amount from the sale in order to buy their next house. These strategies often backfire. Why? Because starting too high usually means the house will sit on the market for a long period of time. And the longer it sits, the more likely that potential buyers will pass it by because they think there is something wrong with it. After all, why else would the house be on the market so long? My role as your REALTOR® is to help you make important decisions and navigate the complicated processes involved in selling a home. I can help you get the best price in the shortest amount time by listing it correctly and by doing the things that you need to do to attract buyers.

You determine how much you want to list your house for.

I will show you how to get an accurate and detailed view of how much properties like yours are selling for, and how long it is taking for them to sell in order to make sure that your house is priced right.  If you price your house too high, it is likely to be on the market for an extended amount of time. The number of Days On Market (DOM) is an important consideration for buyers looking for an house. Excessive DOM can cause REALTORS® and prospective buyers to get the idea that something is wrong with your house and pass it up. Buyers assume that such a house has been looked at by others and passed up because it has something very wrong or it is over priced. They don’t want to waste their time looking at houses that have problems. How many DOM is too long? That depends on the average time for houses, in good condition, and priced right, to sell, in the same area. If the average Days on Market is 15 days then a house that has been on the market for more than 30 days is in trouble. You might have to lower the price significantly to get buyers to look at your house. This is another negative sign for properties and can actually discourage buyers from visiting your property. Houses that have been on the market too long don’t get the showings that a correctly price house will.

You can easily check the listing and sold prices of properties near you by clicking on this button and requesting my mobile application.

NEW Home Search Mobile App for Your iPhone

 

I will mail you instructions for installing and using the app. This application will allow you to see things that are not available from other sources such as the actually sold prices and the days on market of all properties.

  • Price it Right!
    I will provide you with a Comparative Market Analysis     to determine the price range that you house should be listed at. The actual list price that you choose to set is determined by:
  1. Your personal situation and motivation
  2. The Location
  3. The condition of the property
  4. The price that other properties, like yours, that have sold for recently

 

If it is priced over fair market value it will: 

  • Not attract as many qualified buyers because they will think that it is not a good value. Some serious buyers won’t even look at a house that has been on the market more than 60 days.
  • Take longer to sell. More recently listed properties will get the most showings because buyers want the first shot at making an offer before before anyone else.
  • Make your competition look better. Buyers, and REALTORS®. won’t know how many offers, if any you have had on your property but it might give the impression that your house has been passed up for a reason.
  • Become stale and cause buyers and agents to think that there is something wrong with the property or it’s just overpriced and you are not willing to negotiate.
  • Cause agents and buyers to pass it up and it will fall off the property tour lists.
  • Cause you to miss opportunities for buying your new home, if you are depending on the proceeds of the sale of your current home.
  • Cause buyers to reduce their offers. Lots of “Days on Market” causes buyers to become suspicious about “unseen things” or your honesty and consider buying your home riskier than one that is newly listed.
  • Cause you to eventually drop your price to a point less than you would have accepted for it initially. Eventually, you will start getting lower and lower offers because buyers, and agents, thing you are becoming more desperate and are willing to accept a lower offer.
  • Attract buyers that make “lowball” offers because they think that you are getting frustrated and desperate (and they could be right).
  • Reduce your negotiating position since few good buyers are interested.
  • Cause valuation problems with agents and even appraisers.
  • Eventually sell well below the price that you fell that it is really worth.  The longer your house stays on the market, the more it costs you and the less your net will be.