When you're selling your home, the price you set is a critical factor in the return you'll receive. That's why you need a professional evaluation from an experienced Realtor®. This person can provide you with an honest assessment of your home, based on several factors, including:
- Market conditions
- Condition of your home
- Repairs or improvements
- Selling timeframe
In real estate terms, market value is the price at which a particular house, in its current condition, should sell within 90 to 120 days. (With the market conditions the way they are the days on market are average and have been increased. This could vary in different areas).
If the price of your home is too high, this could cause several things:
- Limits buyers. Potential buyers may not view your home because it appears to be out of their buying range.
- Limits showings. Other salespeople may be more reluctant to view your home.
- Used as leverage. Other Realtors® may use this home to drive the sale of other homes that are better-priced.
- Extended stay on the market. When a home is on the market too long, it may be perceived as defective. Buyers may wonder, "what's wrong," or "why hasn't this sold?"
- Lower price. An overpriced home, still on the market beyond the average selling time, could lead to a lower selling price. To sell it, you will have to reduce the price - sometimes several times. In the end, you'll probably get less than if it had been properly priced in the first place.
- Wasted time and energy. A bank appraisal is most often required to finance a home.
Realtors® have known it for years - well-kept homes that are properly priced in the beginning always get you the fastest sale for the best price! And that's why you need a professional to assist you in the selling of your home.
Often, in a seller's market, homes that are priced slightly below market value initially will sell for more, simply because of the extra interest they incite. This can be a risk, however, and when it comes to such a decision, an experienced, trusted Realtor® is your best ally.
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