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®. An experienced REALTOR® can provide an honest assessment of your home, based on several factors, including:
- Market conditions
- Condition of your home
- Repairs or improvements
- Selling time-frame
Issues caused by Over Pricing
In real estate terms, market value is the price at which a particular house, in its current condition, should sell within 30 to 90 days. If the price of your home is too high, this could cause several issues:
- 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.