The Right Selling Price Affects Your Bottom Line
When you are selling your home, the price you set is a critical factor in the return you will receive. That is why you need a professional evaluation from an experienced Realtor. This person can provide you with an honest assessment of your home, based on several factors including:
- Market conditions - is it a buyer's market or seller's market?
- Condition of your home - has it been upgraded and improved over time?
- Repairs or improvements - does a buyer need to spend more money for repairs?
- Time frame - do you need to sell quickly or is there time?
In real estate terms, market value is the price at which a particular house, in its current condition, will sell within 30 to 90 days.
If the price of your home is too high, several things could happen:
- Limits buyers. Potential buyers may not view your home, because it would be out of their buying range.
- Limits showings. Other salespeople may be reluctant to view your home.
- Used as leverage. Other Realtors may use your home to sell against homes that are better priced.
- Extended stay on the market. When a home is on the market too long, it may be perceived as defective. Buyers may wonder, “what’s wrong,” or “why hasn’t this sold?”
- Lower price. An overpriced home, still on the market beyond the average selling time, could lead a lower selling price. To sell it, you will have to reduce the price, sometimes, several times. In the end, you’ll probably get less than if it had been properly priced at the start.
- Wasted time and energy. A bank appraisal is most often required to finance a home. The selling price must be 'sold' to the buyer AND the appraiser.
Realtors have known it for years – Well-kept homes, properly priced in the beginning will get the attention of buyers! And that’s why you need a professional to assist you in the selling of your home.