One of the most important decisions you make when selling your home is setting the listing price. That can be tricky. After all, if you price your property too low, you leave money on the table — perhaps thousands of dollars. On the other hand, if you price your home too high, many buyers won’t even bother to see it, believing it is too expensive. Or they may have overlooker your home.
Even with that reality, there are some sellers who contemplate setting a high listing price in the hopes of a windfall. They want, and hope some unsuspecting buyer to fall in love with the home and buy it — even though it’s overpriced.
Instead, the listing often languishes on the market because its listing price is conspicuously higher than its market value, or slightly over a buyers price range.
Think about it. If two similar homes, side-by-side, are for sale, and one is priced $10,000 or $20,000 higher than the other, wouldn’t you wonder what was going on? That’s exactly what the market thinks. “Why is that home priced so high?”
Of course, many buyers, who might otherwise be interested in the property, won’t even consider seeing it, simply because it’s outside their price range.
It gets worse. When an overpriced home sits on the market with no offers for several weeks, the price will often need to be adjusted down. That helps the situation a little. However, you’ve lost the excitement created by a “new listing.” Yours is now an old listing struggling to get attention. Buyers will ask "how come it's not sold yet, why is it still on the market after 3 weeks" ? etc......
Here's a better way…
Setting your list price at or near the market value is much more likely to generate interest from qualified buyers and maximize how much you make on your home. This way, in todays market, you'll likely have competing offers, and actually get OVER market value. Yes...OVER market value. Some buyers hate to lose in a bidding war, and come over-the-top with a super high offer.
That market value may even be higher than you think!
Interested in finding out how much your place is worth, in this market? Call me today. All the best,