4 Common Pricing Mistakes To Avoid When Selling Your Home

By
Real Estate Broker/Owner with Amanda Davidson Real Estate Group 0225221517

4 Common Pricing Mistakes To Avoid When Selling Your Home

Pricing is the number one reason homes don’t sell or sit on the market for months and become stale inventory. Every seller wants to get top dollar for their home and with the right plan in place that’s very achievable. However, there are pricing mistakes sellers have to avoid in order to achieve the top dollar goal.

 

Pricing Your Home Too High – this is the most common mistake we see. Homes that are priced too high will be passed over by buyers. You might get showings but, if offers don’t follow there’s a problem. Buyers and their agents know the comparable sales and if your home is priced well beyond where other homes have sold in the area they’re not going to want to buy your home. Think of your home as a loaf of bread, would you pay top dollar for stale bread? Most likely not. As your home continues to sit on the market it becomes less and less appealing.

 

Common Pricing Mistakes to Avoid When Selling Your Home

 

Not Basing Your Price on Comparable Sales – a home can be priced for sale at any price you’d like but, that doesn’t meant it will sell at that price. Your home is only worth what a buyer is willing to pay. This goes back to buyers and their agents knowing what comparable homes have recently sold for. Work with your agent to properly price your home – review current market conditions including current inventory, homes under contract, and recent homes that have a sold and closed.

 

Common Pricing Mistakes To Avoid When Selling Your Home

 

 

Odd List Price – browsing for homes for sale online is where most buyers start their home search. Think about how websites are setup, they have price windows to select different ranges as part of the search criteria. Those ranges are even numbers. By pricing your home with an odd list price such as $432,288 you might miss a buyer that entered $430,000 as their maximum price. An experienced buyer’s agent will extensively search and might find it for their client but, why take the chance that they miss it?

 

Common Pricing Mistakes

 

Refusing to Negotiate – not all sellers will have to negotiate. Multiple offer scenarios happen regularly and if you’re a seller in that situation you will likely be able to pick the offer that best suites your needs but, more often than not sellers need to be prepared to do some negotiation. Don’t chase off a serious buyer by digging your heals in. There’s always a way to make it a win-win for both parties but, that can only happen if you stay open and are willing to compromise.

 

If you avoid these common pricing mistakes your home will not only sell faster but, it will also sell for more money. Arriving at the correct list price is a key component to a successful sale. Hire an agent that has a proven successful track record selling homes in your area. They will carefully review their research with you and explain in detail how they’ve arrived at the suggested list price. 

 

 

Common Pricing Mistakes

 

 

 

 

 

Posted by

 

Amanda Davidson Real Estate Group

 

 

      

 

Amanda Davidson

Amanda Davidson Real Estate Group

Broker - Owner
Licensed in VA and DC

6485 Old Beulah Street
Alexandria, VA 22315

Cell: 703.431.3755
Fax: 703.562.7057




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Re-Blogged 3 times:

Re-Blogged By Re-Blogged At
  1. Stavrula "Sam" Crafa, RNC,GRI, CDPE, PSA 10/22/2017 08:24 PM
  2. Gabe Sanders 10/25/2017 11:45 PM
  3. Tony and Suzanne Marriott, Associate Brokers 10/30/2017 06:09 AM
Topic:
Home Selling
Location:
Virginia Fairfax County Alexandria Kingstowne
Tags:
home seller tips
home sellers
pricing your home for sale
selling your northern va home
pricing mistakes to avoid

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Rainmaker
499,035
Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Thank you for sharing this well written and concise tutorial for sellers about pricing mistakes they must avoid.

Oct 18, 2017 10:12 AM #20
Rainmaker
424,929
Francine Viola
Coldwell Banker Evergreen Olympic Realty, Olympia WA - Olympia, WA
Realtor, In Tune with your Real Estate Needs

It's all about the pricing and positioning the home right.  And love your infographic - nice touch!

Oct 18, 2017 02:58 PM #21
Rainmaker
420,592
Michael Eisenberg
eXp Realty - Bellingham, WA
Bellingham Real Estate Guy

Great advise! I can't believe how many times I see listings for $399,000 or the $99,000 in any price range (I'm sure you've even seen $299,999). This is a home we are selling, this psychology may work for a can of beans at Walmart. But they are missing all the buyers who won't see it at that next higher price bracket that may be starting their search at $400,000

Oct 18, 2017 06:09 PM #22
Rainer
8,649
Cesar Contreras

Thank you Amanda, I am a real estate student and your article has helped me to better understand key issues. 

Armando 

Oct 18, 2017 06:19 PM #23
Rainmaker
3,235,321
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Amanda

A must read post on pricing a home right

Good luck and success.

Lou Ludwig

Oct 18, 2017 07:43 PM #24
Rainmaker
3,235,321
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Amanda

Congratulations on a gold star feature for an outstanding post.

Good luck and success.

Lou Ludwig

Oct 18, 2017 07:44 PM #25
Rainmaker
4,007,323
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I hope home sellers will read this post and learn from it. Congratulations on the featured post 

Oct 19, 2017 02:18 AM #26
Rainmaker
4,260,777
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Excellent tips Amanda.  All sellers should read this post and take your advice.

Oct 19, 2017 06:21 AM #27
Rainmaker
100,214
Marie-Denise Kratsios
Daniel Gale Sotheby's International Realty - Huntington, NY

Correct pricing is the most important marketing tool to selling a home.  Every seller should read your article before they sell.  By the way, I loved the photos you used in your post.  I hope they are all your "sold" listings!

Oct 19, 2017 06:58 AM #28
Rainmaker
1,360,422
Mike Cooper
Cornerstone Business Group Inc - Winchester, VA
Your Winchester, VA Real Estate Sales Pro

Amanda, you are so right. The one thing I hear from sellers over and over is, "Well, let's list a little high, and then we'll have room to negotiate." No. They don't realize that if they price it high enough, nobody will look at it. I had a lady want me to list her house about 4 years ago. She wanted to start at $650K. I laughed and didn't take the listing. It sold last year for $275K. How's that for overpricing. She had four agents during those years. Thankfully, I wasn't one of them.

Oct 19, 2017 08:16 AM #29
Rainmaker
347,310
John Wiley
Right Move Real Estate Group- EXP Realty - Fort Myers, FL
Lee County, FL Real Estate GRI, SRES,GREEN,PSA

Many of us agree that pricing is so important.

I cringe when I see a listing with a price reduction of $1. REALLY?

Oct 19, 2017 08:17 AM #30
Rainmaker
150,049
Corey Martin
Martin Presence Group - Ruston, LA
Real Estate and Management Solutions

Great points all! Getting the right price can be tricky, but all these points can help get just a little closer. Thanks for sharing. 

Oct 19, 2017 08:14 PM #31
Rainmaker
1,348,162
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Los Angeles CA

It takes time to get the home price right or close to the right. There are so many factors to consider during comparing the subject property with solds and competition. 

Oct 19, 2017 11:20 PM #32
Rainmaker
440,643
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Specializing in Brookside, Waldo, Prairie Village

Pricing is always a challenge.  Here at the end of the year, we aren't seeing quite the demand as over the spring and summer...thus, sellers feel they should be getting more but there are fewer active buyers, bringing prices down

Oct 22, 2017 10:11 AM #33
Rainmaker
125,401
Stavrula "Sam" Crafa, RNC,GRI, CDPE, PSA
Future Home Realty - Seminole, FL
Providing the integrity and service you deserve.

We have all had to deal with sellers on all 4 of these issues. This is a great post and I am re-blogging it. 

Oct 22, 2017 08:23 PM #34
Rainmaker
2,720,275
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Thanks for sharing this information! Make it a wonderful week ahead!

Oct 23, 2017 06:35 AM #35
Rainmaker
885,301
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Great post!  It's critically important to avoid your list of common pricing mistakes so that a home sells faster and for more $!  

Oct 23, 2017 03:06 PM #36
Rainmaker
866,764
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Amanda S. Davidson - You always has great info to share! This is no exception.

As for the odd list price, the seller and agent need to find the sweet spot. There is always going to be that person who does not see the pricing based on how they search. Personally, odd list pricing gets my attention because nobody does it!  Think of that pink car going down the street...It gets noticed (good or bad..LOL!)

Oct 26, 2017 08:38 AM #37
Rainmaker
2,938,183
Tony and Suzanne Marriott, Associate Brokers
BVO Luxury Group @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

Amanda S. Davidson "Pricing Your Home Too High – this is the most common mistake we see. Homes that are priced too high will be passed over by buyers. You might get showings but, if offers don’t follow there’s a problem."

Right on target - and - re-blog!

Oct 30, 2017 06:09 AM #38
Rainmaker
2,594,090
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Great information and one that we should all read again and again .  Make it a great day!

 

May 29, 2018 10:19 AM #39
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Alexandria Virginia Homes For Sale
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