PRICING
YOUR HOME
Pricing your home correctly is important
and challenging.
Figuring the value
As a seller, it is
challenging to be realistic about your
home's value because of the pride and
emotional attachment you have to the home.
Many sellers think that your house is
better than everyone else's, and should be
priced accordingly. Your asking price
needs to be based upon an objective
assessment of what comparable homes sold
for in your neighborhood. Find out the
value of your home by requesting a free
market appraisal also commonly know as a
CMA.
Making
the decision
You may
think your home is better than your
neighbor's home that sold for $200,000 a
few months ago because your home has a new
furnace, new roof, finished basement, and
pool. But, if your neighbor's home had a
first floor family room and your home does
not, your home will probably sell for
less.
In most neighborhoods, if your home is has
been on the market for more than a month,
then your home may be overpriced.
Common Mistakes to avoid
Many people
have misconceptions that hurt their home's
ability to sell. The most common
misconception is that a seller should
start out with a high price, then reduce
the price if no one puts in an offer. This
strategy is a mistake, because your home
receives nearly all of its attention in
the first two weeks after it goes for
sale. After that time period, it is
considered overpriced and buyers ask "why
has it been on the market so long--what is
wrong with it?" Reducing the price often
goes unnoticed by buyers . As a result,
the home sits on the market for a longer
time period, and the seller receives a
lower price than they could have had if
they priced it appropriately in the
beginning.
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