Establishing the Right Price
The optimum time frame for selling a home at the best price is within the first 30 days after it is listed. That’s why establishing the right price early on is crucial.
Some Sellers have the mindset to start high with their price, reasoning that they can always come down in price later. By that time, they will have missed the most potential Buyers. Buyers who can’t afford the overpriced homes don’t bother to set appointments to see them. Nor do they make offers. Buyers shop by comparison. Your overpriced home will not compete with accurately priced homes. Overpriced homes help their competition sell first.
Some Buyers who agree to pay over what a home is worth may have problems getting loan approval. Financial institutions may not approve a loan on a home that will not appraise at or above the contract price. Unfortunately, it sometimes takes 30-45 days for the loan to be denied. By that time the Seller will have missed out on other potential Buyers and the optimum 30-day time frame. The longer your home remains on the market, the less likely a buyer will be to pay your asking price. They assume if it was worth your asking price, it would already be sold. Another assumption of Buyers regarding homes on the market for long periods of time is that your home must have something wrong with it.
If your circumstances require a very quick sale and money is not the most important factor, you may underprice your home to attract the most Buyers and secure a speedy offer.
Buyers who are aggressively watching the market for just the right home have most likely seen what is currently available. Pricing your home within 5% of comparable properties puts you in the best position to attract multiple Buyers willing to pay an acceptable price. Accurately establishing the right price for your home involves evaluation of your home’s location, size, age, condition, number of bedrooms & baths, garage & lot size, updates, and special features. We compare your home with similar properties in your area currently for sale or recently sold to determine what repairs or updates, if any, may be needed to sell your home at the best price.