If you’ve been thinking about selling, you’ll want to price your home right to get it sold! It’s a Seller’s Market which means there’s a low supply of listed homes and high demand from buyers. However, if you overprice your home, it may sit on the market.
Here are a few things to consider when pricing your home:
1. According to Quicken Loans, the gap between the homeowner’s opinion and the bank’s appraisal has widened to -0.78% over the last five months. This is important for homeowners to note, as even a 0.78% difference in appraisal can mean thousands of dollars that a buyer or seller would have to come up with at closing (depending on the price of the home). Realtor.com reports that “the share of homes which had their prices cut increased by 2% compared to last year”.
2. Price it so that buyers think “What will it take for me to get this house?” instead of “I wonder what the seller will take,” advises REALTOR Rick Davitt of Coldwell Banker Upton-Massamont Realtors. Don’t overprice at the beginning. You run the risk of your house sitting on the market.
3. Marcia Brooks, REALTOR with Coldwell Banker Upton-Massamont REALTORS suggests that “with this limited housing inventory, don’t waste valuable time "testing the market" with a listing price that’s too high. Your agent will show you comparables that have sold in your area and can advise as to what your best listing price-range should be.”
In today’s market, you need an expert agent who can help price your house right from the start. Homeowners who make the mistake of overpricing their homes will eventually have to drop the price. This leaves buyers wondering if the price drop was caused by something wrong with the house. In reality, nothing is wrong- the price was just too high!
If you are planning on selling your home, contact Coldwell Banker Upton-Massamont Realtors. We'll help you set the price of your home properly right from the start!