If you are considering selling your home, one of the most important things you can do to enhance its sales potential is to price it right. Pricing a home to sell requires a good deal of research as well as being realistic when it comes to the true current value of your property. Let’s discuss this further.
The current real estate slump has certainly hit many people very hard. Properties have dropped in value significantly and sales have certainly been affected as well. However people are still buying homes so if you decide to sell yours, there should certainly be a good opportunity for you to do so. However as indicated earlier, you should set a realistic and attractive price on the home in order to generate interest, traffic, and ultimately a sale.
It is certainly natural that one would want to get as high a price for his/her property as possible. Many would also say that it couldn’t hurt to set a high price and then consider lower offers. The problem is that it has been shown that there are certain price ranges which potential buyers look at when considering different properties. This is especially true when reviewing listings.
If a buyer decides that their budget allows them to spend up to $200K, they will set search parameters within that range. If your home is listed at say $225K, they may not even consider your home because it falls outside of their desired range. So even though you may be willing to accept a price below $200K, many buyers in that range will never know about your home or consider it.
When many real estate markets went through a great deal of turmoil, a lot of sellers listed their houses close to the original high prices they were getting. The limited number of buyers did make offers far less than those listed prices.
However it does appear that a home can move more quickly if it is priced very realistically based on the current market conditions. If you are working with a realtor, he/she can provide you with a lot of assistance and resources in determining the best price to list your home. And many homes now sell for close to the asking price if it is indeed set at a realistic level. So if you do price your home at a level which is appropriate for the current market conditions, it should have a better chance of selling much faster and at a price which is much closer to the listed selling price.