Here are two statements that always shock home sellers:
1. Sellers determine "the price" but only Buyers determine "the value".
2. To sell your home, "the price" must be at or below "the value".
Here are some common pricing errors:
Basing the price on what you paid for the property.
Basing the price on what you need out of the sale.
Basing the price on what you want.
Basing the price on what your neighbor says.
Basing the price on what it costs to rebuild today.
We hear these statements all the time:
"I know my price is high, but bring me an offer!"
Serious Buyers look for homes in the price range that has been determined by their down payment and monthly expense limitations. Most often, this has been dictated by their lender (yes, real Buyers have already visited with their lender). In most cases, your property will not even be considered if it falls outside those parameters.
"I can always drop the price later!"
If you plan on adjusting your price to a fair and reasonable one at the time of the sale, it is better to do so at the outset. This tactic will attract the most serious buyers in the market for home such as yours. This often places you in the favorable position of having more than one buyer interested in your home at the same time.
It is a mistake to believe you'll get more for your property by asking more. You'll usually get less. The right Buyers won't see it when you were most prepared to negotiate. You'll become more vulnerable to a "low-ball" offer the longer the property stays on the market and the more you get anxious to move on.
It is absolutely necessary your property be competitive in price, terms and condition with similar properties that are selling in your area.
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