Pricing of Your Home right from the beginning.
When pricing your home for sale, initial pricing is crucial.
Your agent will show you the Right Price Analysis on your home and we will talk about the current real estate market conditions which change weekly
.But you may not agree…
Do I, or do I not leave room for negotiations?
A home that is priced right in the beginning will bring a higher offer than a home that is negotiated 98% of the time.
Remember, the agent is your guide and expert. So often, sellers want to tell us their PRICE… or what they need to get out of the home….
They want to start HIGH because they reason:
BUT I can always come down:
When a seller starts out high, it is a gamble,
statistics show they end up selling the home at a much lower price than they would have sold it for if it had been priced right initially. Yes I have said this before and it is STILL TRUE!
And it takes MUCH longer to get this!
Do not be STUBBORN like this blue bird in the cold all alone….
Remember even if your getting showings BUYERS and their agents look at listings that are priced too high, they compare it against homes that are priced right and usually purchase the other home. THEY DO NOT NORMALLY TRY AND LOW BALL AS THEY THINK YOU ARE NOT A SERIOUS SELLER IF YOUR PRICED WRONG.
Actually, there are always homes on the market that have been listed too high and FSBOs( for sale by owners) that have priced their home too high—this makes selling properly priced homes always EASIER! Price high and you are used as a comparison.
Now, from prior articles you have heard me talk about improvements and how they are GRAND and
I’m sure you’ve seen all the articles on how much various home improvements add to the value of your home.
That’s at best–and they depreciate over time! Improvements like roofing, furnace, air, water heater and windows etc are considered maintenance and help your home sell faster but do not necessarily add value. GREAT TO HAVE AND A SELLING POINT…… NOT PRICING.
NOW THE IMPROVEMENTS:
New kitchen, new bathrooms, landscape updates may add value however not the exact cost you paid for it.
Adding the cost of all the improvements without adjusting for depreciation, your home can often take the price way over market value for your area/neighborhood.
Even if you get your price you dream of, your home has to appraise and there has to be sales to support the value.
As I have said before, go ahead and try if you must and really then, who is the expert if you do not value the opinion and proven market stats your agent provides.
BUT can’t we try it for a few weeks? Sure, but you might miss potential prospects.
With this strategy of lisitng to high you may be listing in the summer
And Possibly selling in the winter
Real Estate Professionals and buyers will notice your home when it is overpriced and think that one’s overpriced they must not be ready to sell.
They’ll keep that opinion for the life of the listing – even after you lower the price. Those few weeks can be fatal! They can be make or break.
How long do you want to be on the market?
Price right from the beginning will bring you more money in today’s market.
3rd Generation Real Estate Broker
Prudential Elite Naperville, Illinois
I am here to help you with all your Real Estate Needs.
Full Service Full Time