(Authors note: This is the first in a series of posts from my publication called "The Seven Most Common Mistakes Sellers Make And How You Can Avoid Them").
The #1 Reason Homes Don't Sell In Morrow County (or anywhere else for that matter)
A surefire way to get less than the fair market value for your home here in Morrow County is to overprice it in the beginning. It sounds contradictory, but it is true.
There are several reasons for this. First, if your home is more expensive than the similar homes in the area, fewer buyers will choose to even look at it. Why would they waste their time? And the buyers that do decide to look at your home will likely use it for comparison, to justify their decision to purchase a different home. “See? A similar home but a lot more expensive. We should get the one we saw yesterday – it’s a bargain compared to this one.”
Second, the longer your home remains unsold, the less interest it will generate among the buyers. Eventually, when it’s been on the market longer than the other similar homes, buyers will start to think that there is something wrong with it. And then you are faced with the real possibility of being forced to sell it for less than its real value. So make sure that your home is priced correctly from the beginning. This will save you time, aggravation, and money.
Overpricing is not the only pitfall that sellers fall into, some even under-price their homes. How do you know your home’s real value? By getting a professional Comparative Market Analysis (CMA). A CMA will show you what similar homes in your area are selling for, and how long it takes to sell them. You will be able to see the range of values that your home falls into, and then determine an accurate asking price. I offer CMAs for the homeowners in Morrow County free of charge. Just give me a call at 419-947-4004 or send me an e-mail to herb@herbsells.com, and I will prepare one for you at no cost and no obligation.
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