Selling Your Home?

When it’s time to sell your home, it’s very confusing to figure out where exactly price wise you should be. After all, you want top price for your home, don’t you? In today’s economy and the housing market still being in favor for the buyer, it can be mind boggling on what to price your huge investment on the market for. Large inventory of homes could mean an overlook on yours. Given that, it’s logical that the asking price you set could be higher than “fair market value.” Unfortunately, you probably won’t realize it’s too high until much later.

Here are just a few of the disappointments you’ll be facing with an overpriced house:

  1. Responses to your ads will probably be slow, since the public recognizes overpricing. Remember, people buy by comparison. Keep in mind that the inventory is rather large so there are many homes to choose from. Hit the market full speed with great pricing, photos, open houses and marketing!
  2. Some prospects who are attracted may be the wrong ones. They will be attracted because they’re looking for a home priced the same as yours – but with MORE features. Quantity versus Quality.
  3. Very few buyers will even make an offer on an overpriced home. Wondering why? Buyer’s want to feel that they have the upper edge so make sure you land in their radar for homes in their range. They want to get the house for no more than fair market value. And they may feel that offering you a low price would be an insult so therefore they move onto something more reasonable. So be fair about your asking price.
  4. Your home will help buyers make a favorable decision on other homes that are priced fairly. Do you really want to be the example that drives people elsewhere?
  5. If you do find a buyer at your price, their mortgage application could be rejected because of a low appraisal; the house simply doesn’t meet the standards that the price indicates. So do your homework, be resourceful with tax assessments, comparables in the area, and how fast you want to move that property.

If this all sounds rather complicated or confusing, allow an experienced professional to work WITH you. Take advantage of the research and advice your real estate agent can offer; someone who knows how to market in your neighborhood and you’ll be on your way to setting the right price for your home.

- Just Jessica

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