Pricing Your Home to Sell

Pricing Your Home to Sell

You need to think long and hard about your asking price. It’s one of the most important steps in the selling process. This article explains how to price your home for a quick sale, using market awareness and research. You can price your home in one of three ways. You can price it to sell quickly, eventually, or not at all. The first option appeals to most sellers, obviously, so let’s talk about how you would achieve it.

HOW TO PRICE YOUR HOME TO SELL QUICKLY

  • When selling a home, you have to change your mindset from “owner” to “seller.” In reality you are both of these things but you need to think more like a salesperson than a homeowner especially when it comes to pricing. Adopt this mindset now before you move any further into the home selling process.
  • Here’s a little mantra to help you think like a salesperson. “It’s not personal, it’s business.” You should repeat this mantra as you determine your asking price and also when negotiating with buyers. The personal and emotional connection you have to your home does not translate into market value.
  • The market determines what your home is worth — you do not. If you price the property based on what you need to get from the sale (and this amount exceeds the true market value), you could be in for a long wait.
  • The only way to sell an overpriced home is by finding a buyer who is willing to pay more than market value. Such buyers are few and far between. Buyers are more price-savvy than ever before, due to the housing crisis of the late 2000s. Nobody wants to buy into a negative-equity situation and most lenders won’t allow it so price the home properly from the start.
  • You should consider a COMPARABLE MARKET ANALYSIS to get the best idea of the fair market value of your home or property. You can request a Comparable Market Analysis from your under Listing Tools.

As you can see, there is a lot of research involved in the pricing process but it’s necessary research. If you skip it, you could end up overpricing the home and that’s rarely the path to a quick sale.

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