"It's important we set the price high so we have room to negotiate," the Seller tells me. I hear Sellers say the same thing nearly every time we meet to set the asking price of their home. I don't agree and here are six reasons:
1. Agents sell homes. They are the ones that get Buyers to your home. They are reluctant to show a home they believe is overpriced because it isn't in the best interest of their clients.
2. Competitive prices attract the best Buyers. Serious Buyers have the money needed to buy a good value in their price range. If the house is priced well the Buyer will usually buy now.
3. The longer your home is on the market the more costs you pay before closing. Think of the taxes.
4. Overpricing your home will help the other homes in your neighborhood sell before yours. Why pay a premium for a home when you can get a similar one down the street for less?
5. Many Sellers tell me they will ask the higher price for 2 weeks and then drop it. This is a big mistake. Most of the Buyers will come through during the first 2 weeks of your listing. If you scare them away they rarely return - even if you lower the price.
6. Get the house sold and move on with your life. If you're serious about moving then price your house to sell.
If you're uncertain about how to price and you've discussed the matter with your Realtor consider paying for an appraisal of your home. For $350 to $400 you can get a rock solid opinion on the value of your home. The Buyer will appreciate it because it will alleviate the fear that they may pay too much. Here in the Omaha Metro area I can help you arrange for an appraiser. I will prepare a comparison of like homes recently sold in your neighborhood. I assure you we can get your home priced right in any market.
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