The Most Common Pricing Mistakes
When people come to the conclusion to put their home on the market and don’t sell, it’s often because of simple pricing mistakes that they’ve made with the property. There are always less dangers if you price your house to low than to price it extremely higher and a lot of home owners don’t particularly know the basic facts of the industry. Here are a couple of pricing mistakes that most first time home sellers make when listing their home on to the real estate market.
Do Not Overprice
One of the most common mistakes that homeowners make when they put their property on the market is that they price to high from the start. This obviously could be a terrible error because statistics display that when houses are accurately priced from the start of the listing sell near the asking price. They also usually sell a lot faster this way as well so it is crucial for you or the homeowner to always adjust the pricing accordingly from the start.
The homeowner has to really think of pricing their home as part art and part science. By not doing so they tend to make the mistake that mentioned above. The reason why this error in judgment is so common is people typically think about the extra money that they might gain and have a huge chance of seeing if they price the house higher from the start.
They sometimes think of that expensive house that they dreamed about owning that’s finally on the market now. Having extra cash for their kid’s college funds, or just buying that brand new car to replace the old one they’ve been driving for years steers them into pricing their house too high to soon. And unfortunately this is the reason why most of the houses don’t sell, or stay put on the market for years.
Price for the Right Category
The second common mistake is that people use an odd list price when putting their home on the market. It doesn’t sound as bad as it seems, but could be a fatal mistake when trying to sell your home. Most of the time realtors look for houses using price categories, so you should definitely apply round numbers whenever you’re setting the price.
Look to the Market
You should always base your pricing of your home from the ones that have previously sold in the past especially houses that have similar features and are in your neighborhood. Most smart realtors do this because this is sometimes the true and only pricing guide of what your home could sell for. Having a ridiculous high price could distance yourselves from other potential buyers.
Be Open to Negotiation
Refusing to negotiate can also be a death sentence. Make sure that your specific asking price has some type of flexibility. You want to hear why other buyers suggested their price even if you don’t particularly agree with it.