Establishing An Asking Price
One of the biggest mistakes made by many home sellers is to set a sales price based on what they “think” their home is worth, which in many cases means overpricing the property. This is the primary reason many homes sit in the marketplace for months and remain unsold. 2M Realty has the resources, experience and expertise that enables us to evaluate what similar homes in your area are selling for, and based a series of factors we will help you in arriving at a price that is acceptable to you and to a potential buyer.
To get a FREE home value estimate please fill-out this form and one of our sales representatives will gladly assist you.
First Impressions Are Everything!
First impressions are everything when selling your property. Studies have shown that the first two weeks a property is on the market are the most crucial to its' sales success. During these initial days it will be exposed to all active buyers. If your price is perceived as too high you will quickly lose this initial audience and then find yourself relying only on the trickle of new buyers entering the market each day. You have one chance to grab that initial audience. Make sure your pricing helps you stand out -- in a positive way.
6 Tips for Pricing Your Home for Sale
In today’s real estate market buyers have a lot of choices. When selling your home, attractive pricing and perception are arguably the two core essentials, and making a distinction between your home and the dozens of others for sale is the key. Where pricing is concerned, establishing the right asking price is part skill and part “gut feeling”, and there are several things to consider before establishing the price:
1) Study past sales. This is the starting point for any thoughtful and successful pricing strategy; think of it as the "skill" part. Take the time to study past sale statistics for homes in your area and areas similar to yours. None will be identical, of course, but having a clear understanding of true market value is the first step in establishing your list price.
2) Do not confuse active listings with past sales. Active listings have not sold ...they are just your competition. It is important to be aware of your competition's pricing, but this is often just an indication of what your home won't sell for.
3) Do not overprice because you have "time". Don’t price high to see if you can get more. If the market is appreciating an overpricing strategy may work, but if prices decline you will find yourself chasing the market and costing yourself money. Or, if the market is stable your home will just sit because it is priced too high. Buyers pay in today's dollars and time is rarely on your side. The longer a home sits on the market for sale the more it can raise questions as to whether there are problems with the home. Price right to sell faster.
4) Leave some room for negotiation, but don't overreach. No seller wants to feel he left money on the table and no buyer wants to overpay. Your price should give both parties room to maneuver but if it is too high you risk being perceived as unrealistic ...and buyers will pass over your home.
5) Think like a buyer. What are the things that you value in a home? Is it a large yard, an updated kitchen, colorful landscaping? These are likely the same things that your buyer values as well. Talk to your agent about current buyer trends and update your house accordingly or price your house knowing that some things need to be replaced. Remember …yesterday's avocado green shag carpeting is today's granite countertop. Your price should reflect how your home compares to the others offered for sale. Buyers will find objections to any home, as none is perfect, but it is curious how quickly objections disappear when the sales price is compelling.
6) React swiftly and decisively. If your home is on the market and is not being shown or if you receive feedback that you are priced too aggressively don't hesitate to adjust your price. Bad news doesn't get better with time and an aging home listing raises questions about its quality.
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