If you are thinking about selling your home, of primary concern is the selling price.
According to the National Association of Realtors, pricing your house right definitely helps it sell faster. Here are five things they encourage sellers to consider in determining the asking price:
- Less Time on the Market– According to their statistics, homes that were priced at market value sold in half the number of days as homes that were overpriced. It may be tempting to start out at a higher price assuming that gives you room to negotiate down, but with all the online technology and information available at consumers’ fingertips, it takes only a matter of minutes to discover that you’re overpriced and make buyers back away.
- More Money – Pricing right when the home is first listed helps sellers net a higher percentage of their asking price, also referred to as the list-to-sell ratio. When buyers research and determine a house is priced right, they offer more because they know others will also be offering on a well priced home and they want to eliminate competition.
- Less Hassle – When a home is priced right, buyers see that it’s a good value – meaning fewer showings before getting an offer.
- Fewer Reductions – A home that is priced at market value often won’t need a price reduction. When, on the other hand, potential buyers see a price reduction, it creates questions in their minds like: “What’s wrong with the house that’s kept it from selling?” ” Why has it been on the market so long that they need to reduce the price?”
- More Multiple Offers – Homes that are priced right, NAR’s numbers show, are twice as likely to have multiple offers. Many buyers have been shopping and know a good deal when they spot it. Putting yours out there at a fair market price can attract a number of prospects immediately. This may ultimately lead to a higher sold price and it gives you an advantage by providing more buyers to choose from.
Next, check out my posts on how to determine the correct selling price.