When a homeowner decides to sell their home, there are a couple approaches seller may use to price their home. One approach is to price the home high, thinking you can reduce the list price if you do not get bites. As a seller, you have the right to ask any price you desire for your property, but remember the buyer determines the amount the seller will receive for your property. Putting it another way, the list price in not necessarily the market price and appraisal value. Sometimes sellers tend to forget about the appraisal. This may kill the deal, or cause the seller to adjust their asking price. Finally, if the home does not sell quickly and shows a large number of days on the market, buyers tend to think there is something wrong with the home, or think other people think the property is priced too high. On the other hand, some sellers have had success when pricing their home high, and have realized greater profit. In my opinion, the frequency is not that great, and sometimes sellers incur additional expense that does not reduce the sold price. Second approach is to list the home very close to market value. This tends to cause homes to sell more quickly. Using this approach, the seller may realize the following savings: fewer mortgage payments, less homeowners insurance and property taxes. Another benefit when selling quickly, allows the seller to get on with their lives in their new home eliminating the stress of selling your home.
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