Selling a Home? Make sure your price is right!

For those selling in this market it is tempting to try to begin a listing at the higher price to try to maximize the final net figure once the house is sold. Many sellers think that by starting out high, they will ultimately sell for more , even if they have to come down on  their asking price later on. Unfortunately, this strategy ends up backfiring on many. By starting out high you will not get the majority of the buyer pool that have been looking and are primed to buy. They will most likely avoid your home based on the price. Sure you can reduce the price later on, but at that time, many buyers will view your home as an opportunity for further negotiations based on the fact that your home didn’t sell and you are now lowering the price. In the past 30 days, approximately 25% of the homes on the market have had their prices reduced. So why not price it right from the beginning so that those buyers who have been looking will spot the value and make an offer. In many cases where the price is right, multiple buyers will surface and make offers. In many cases the price gets driven up when this is the circumstances. So arm yourself with the knowledge you need to establish the correct price. Ask the realtor for comps so that you can compare the recent sales of similar homes. Also look at the current listings to see who your competition is in the market. Being realistic in this approach will result in a quicker sale and more money in your pocket.

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