Why You Should Price Your Home To Sell Fast …
...Even If You're Not In A Hurry
For those new to the seller's side of the real estate market, the concept of pricing your house in a way that can secure a fast sale, and also create the best monetary return can seem like a balancing act. On one hand, you don't want to scare away potential buyers with a high sticker price. At the same time, nobody wants to feel like they're underselling a home to which they've made significant investments or improvements, especially in a hot market.
For most, there are two realities to address when you choose how to price your home – 1) creating the largest audience you can for the property you want to sell, and 2) guaranteeing that you get a sale price that is reasonably placed within your seller's goals. These two aspects of pricing your home can be best navigated by an individual consultation with a real estate professional, but let's take a look at the top 3 reasons to price your home to sell fast:
Attract The Most Buyers
There's always the temptation to ask for top dollar, especially in a seller's market, just to test the waters and see who might bite. But don't cast your line too deep. A property that's positioned at top of the market might garner attention, but if nobody's biting, it can backfire. Make sure you and your Realtor are on the same page when it comes to your actual selling goals so that you can create a strategy that creates genuine interest, and not an artificially high priced listing that sits on the market for weeks. Listings that languish on the market for a long time often end up with multiple price reductions and ultimately, lower sales prices.
Don't Lose Sight Of The End Game
Creating the most market interest with your pricing strategy is a chess game, not tic-tac-toe. Price your home so that your Realtor's marketing strategy has a broad audience to reach, and then let that audience respond and play back to you. Sometimes by pricing in a category that is accessible to motivated buyers and within your pricing goals, you can create enough interest to drive the price of your property up with multiple offers, particularly in a hot market with low inventory. By creating real interest, with real buyers, you become the master of your selling goals.
Don't Outbid Yourself
When you weigh out the pros and cons of a inflated listing price, the party who has the largest risk of being undersold is the seller. By not allowing your home to appear realistic and appealing to a large group of serious buyers, you restrict the level of interest and number of showings your property will experience. By pricing smart to start, it's less likely you'll need to adjust the listing price, and you'll be in a stronger position when you enter negotiations with a buyer, particularly if you have multiple offers on the table.
The Final Number is Up To You
The great thing about working with an experienced Realtor is that they have up-to-date market information at their fingertips, including data on recent comparable sales and competition in your neighborhood as well as current demand and real estate trends. The best way to determine the price that's right for you is to set up a consultation and chart the course that fits your needs.