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Why Is It Important To Price My Home Right From The Start?

If you have been following my posts you will know that I feel that it is important to properly price you home from the beginning of the listing. To wait and adjust the price after 15 or 30 days you have lost valuable time and possible buyers.

That being said here are 5 good reasons to price your home correctly in the beginning:

Your home is most likely to sell for top dollar when it is fresh to the market.
Buyers buy after the shop around. Buyers are in search of the best buy. If your home is priced too high, it will make the other homes look more attractive.
Your property will need to be appraised. If it appraises below the contract price you may have a problem.
Other than possible location, price is the most critical item that both buyers and real estate agents look to when selecting homes to view.
Negotiations
- If priced too high, it's possible that no one will seriously consider or see the benefit of starting the negotiations.
- The more accurately priced the property is, the less likely the buyer is to start the negotiations with a "low ball" offer or even see the need to negotiate.

The advantages of "right pricing" your home far outweigh the disadvantages. The choice will always be yours, the seller, it is the job of the REALTOR® to show you what the market is doing and the price of like kind homes that have sold in your area. Don't get caught up in pricing high and then come down in about a month. What happens if you are not getting any showings and all of the homes around you are selling?

If you have your home on the market and are not getting any showings this is a very strong indication that the price is too high.

If you are getting showings and no contracts then the buyer is telling you that the price is too high.

Remember if you are looking for an agent in O'Fallon Missouri or anywhere in the St Charles County Missouri area to list and sell your home give Don Rogers a call at 314-954-6775 or send me an email at Don@DRogersHomes.com and we can begin the home selling process. There are a lot of real estate agents the St Charles County area but none better to give you the proper information and help to get your home SOLD.

Other related topics:

Sellers are you ready for Spring home buyers

Are you really serious about selling your home

Top reasons for using a professional real estate agent

Value and what every home seller should remember

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Don Rogers is a licensed REALTOR® in Missouri. I specialize in St. Charles County. If you are looking to buy or sell or you are relocating to the area and would like information about the St Charles County MO area do not hesitate to give me a call at 314-954-6775 or if you would prefer to send me an email at Don@DRogersHomes.com

Posted by Don Rogers REALTOR®, GRI O'Fallon MO & St Charles County MO homes on 04/18/2009 09:40 PM

Comments (14)

Home Selling Tips in the Home Selling Channel

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Originally posted at: Dons' musings about O Fallon Mo : Why Is It Important To Price My Home Right From The Start?

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14 Comments on Why Is It Important To Price My Home Right From The Start?

APR

Excellent post, Don! Honestly, so many clients are having difficulty understanding this and I just don't know why! My best way to get the point across is to say that after they take a bath when selling, they'll make a killing on their new purchase! They seem to get it with that 'reverse economics' plan!

With so much information available buyers have so much information they know the best deals and the others just set on the market. Great advice.

APR

You are so correct on these, if you over price your home you could end up chasing the market and losing thousands because of in negotiations and paying extra toward interest on your mortgage. The math just doesn't add up to over price your listing.

Debe,

I like that approach to helping the seller understand how this works. Thanks

Terry,

The buyers once they have done their own research come to the marketplace better aware of what is going on and will take full advantage of it.

Todd,

So true sir and there will be times when you price it right, depending on market conditions at the time of listing, you could be chasing the market. Right now you may want to price at the low end of a CMA and not at the top or middle.

ToulaRosebrock,com

Hi Don:

Exactly....great post! Very important to price a home right at the start.

All too often, sellers end up reducing and chasing the market instead of being on target with the price.

Toula,

You are so right ma'am. In today's crazy market we need to be spot on, sellers need to be spot on if the are serious about selling. If they aren't then they are just wasting time and money.

Pricing wrong from the start can certainly cause you to lose deals you may gotten from people who do not want to make an offer on a overpriced listing. Price has always been important, but I think these days it has become the driving force for the market.

Good morning JL,

You make a very good point. What used to be location, location, location is now price, price, price. That being said, sellers need to definitely need to be pricing their homes for sale.

Hi Don, I'm not a Realtor but as a consumer who has gone and looked for homes to purchase many times, the price was the #1 factor before I decided to investigate the listing.

I do tell my clients that memories and emotional attachment do not equal $$$'s & listen to the Realtor.

Cynthia,

Now is not the time for folks to over price their home for whatever the reason. Price is even more the motivating factor to either buy or move on to the next home.

Thank you for stopping in and commenting.