When you’re selling your home, make sure to avoid these common mistakes.
How do you price your home correctly in this shifting market? Before I answer that question, I’d like to wish everybody happy holidays and a very happy new year. I hope that you all get some time to spend with your friends and family, and I certainly appreciate all the business that you’ve sent my way this year.
Back to pricing your home correctly in today’s market. There are certain things you want to avoid when going through this process, and it is very important to do so because the price can make or break your home sale. Here are three things you shouldn’t do when pricing your property:
1. Don’t get caught up in sentimental value, or think that every project will have a dollar-for-dollar ROI. You may think your home is worth the moon because of the wonderful memories you’ve made in it, but that’s not how pricing works. It all depends on what’s happening in the market at the time, and what type of improvements you’ve made. The trick is not to get emotional and to view your property like a potential buyer would.
2. Don’t chase the market. It’s very hard to perfectly time when to sell. To be on the safe side, you need to sell when you want to sell. Avoid chasing the market and make sure that you have a price that is attractive for buyers and will make them want to send an offer as soon as possible. Remember, the longer a home is on the market, the lower the price it sells for.
“The longer a home is on the market, the lower the price it sells for.”
3. Look at closed comparable sales. In addition to looking at comparable sales and evaluating the differences between those properties and yours, it’s also important to look at what’s not selling on the market to know what kind of properties buyers are rejecting. We want to position your house so that buyers will see its value and make an offer and buy your house first. This is the most successful route and research has shown that this is very important, especially as the market changes.
I hope that you found this information helpful. If you have any additional questions or have ideas for future videos, please feel free to call or email me or my team anytime. Make it a great day!