When you sell your home, your list price is one of the most important aspects of your sale. You want to avoid these pricing pitfalls:
- If you overprice your home, you may price it out of the market. Homebuyers typically search for homes within certain price ranges, and if you’re not within that price range, your target buyer might not even see your home or know that it’s listed at all. Thanks to technology, buyers do their own homework much more thoroughly in today’s market and they’re more likely to do their own comparative market analysis, so you want to make sure your home is priced in their pricing sweet spot.
- Don’t let your home sit on the market. If your house sits on the market for too long, it won’t look good to buyers. They can look up your home’s cumulative days on market and consider it when making an offer.
- An appraisal will reveal the true market value of your home. If a buyer uses a mortgage to buy your home, they’ll need to have an appraisal performed on the home before the bank will lend the money. The appraisal will determine the value by comparing it to similar homes that have sold recently in the area. If the appraisal doesn’t match the sales price, you might have to start over and reprice the home. You might also be able to negotiate a new price.
If have any other questions about pricing your home properly or you’re looking to buy a house in the area, give me a call or send me an email. I’d love to help you!