The time has come to sell your home and you have heard that the real estate market in your area has turned around and you find yourself in a sellers market. Great! Now you can price your home right where you want and get your price, right? Well, not so fast. Pricing your home right is important in any market and a sellers’ market is no different.
Think back to when you bought your home
Would you have even looked at it had it been priced above what you thought it should be? Of course not. So why is it any different now that you are on the opposite side? You asked your Realtor to help you sell, so why would you go against their advice and price your home too high just because the advantage is a bit more on your side because of the market? No matter the market, an overpriced home won’t sell. The housing bubble burst put an end to that.
Pricing your home right is the most important part of getting it sold, hands down
Overpricing a piece of real estate keeps appropriate buyers from looking. Dropping the price after it’s been sitting means a stale listing that prospective buyers will pass over. Mostly because they will wonder what is wrong with it. The longer it sits, the lower you drop and then you find that the price you get is probably much lower than the price your Realtor originally suggested. So by being obstinate you cost yourself time and a lot of money.
Your home’s worth
You have to keep in mind that no matter what the market may be, buyer or seller, your home is only worth what people are willing to spend. Your home is only worth what the market will bear. You know what else? Pricing a bit below market price may even work to your advantage in a sellers’ market. In theory it may just mean that you can find yourself with multiple offers for your home. Bidding war anyone? A bidding war may just mean you get something above market price.
Your Realtor has the experience and knowledge to tell you what that is. Listen to him or her and you will be on your way to your next home before you know it.