It goes
without saying that all sellers want to get the most money possible for their
homes when they sell. One thing, the most important item, can cause your home
to sell for less than it should. That single thing is the price.
Pricing
your home properly to begin with is without question the single most important
factor to selling your home for the most money possible. When priced properly,
your home will sell for the absolute highest possible price. When the home is
priced too low, it will sell quickly but for less money than it should. When
the home is priced too high, it will sit on the market and ultimately sell for
less money than it should.
The biggest
mistake made by owners selling their homes as well as by their real estate
agent, is overpricing a home and then reducing the price many times. When a
home is listed for sale, it reaches the highest number of potential buyers in
the “honeymoon phase”, the first few days it is on the market. If a home is overlooked
as being overpriced in the early stage, you will lose potential buyers.
Typically,
buyers will start by looking at listings online; they look at the photos of the
home, then at the price. If the potential buyer does not like either of those
items, they will move on to the next one.
The
challenge is pricing the home properly. To do a proper market analysis,
home features, upgrades and the condition of a property are crucial points to
look at. These items require an in-depth
look at your property to determine how it compares to other similar properties that
recently sold in the area. Then proper price adjustments, superior or inferior to
these properties are made.
Hire a
real estate agent who you trust and knows the area well. A great real estate
agent will know the local market and complete a comparative market analysis
(CMA) allowing them to accurately compare a home to recently sold homes on
the market.
Keep in
mind, an overpriced home only helps other people sell by making their
homes look like a better value. With the guidance of a high-quality real
estate agent sellers will get their homes priced properly and sold for the
highest price possible.
Richard Thyssen, Broker of
Record
Colleen Thyssen, Sales
Representative
Direct: 519-495-1541
Email: richardthyssen@kw.com
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