DANGER ZONE #2: PRICING ABOVE VALUE
Pricing too high obviously leaves your home sitting stagnant while your neighbors’ homes are snatched off the market. Why would anyone purchase your home if a very similar home nearby is priced thousands of dollars lower? Common sense says that your home is not going anywhere anytime soon in this case. You’re playing the waiting game, while your peak selling time is slowly dwindling away. These dangers are why getting an accurate price on your home from the get-go is imperative to your selling for top dollar. There are several ways you can discover this magical number, but it isn’t necessarily a simple or cost-free endeavor. Avoid the most common mistake novice home sellers make. They don’t check comparable sales and just put the home on the market. It sounds too simple to be true, but it happens all the time. At other times, they do not check the highest and best value of the property and sell a prime development property for pennies on the dollar. One savvy investor bought a prime development property for $275,000 and re-sold it for more than $1 million! The original sellers made the mistake of not checking all their options.
MARKET VARIABLES
Understand how different market settings affect how you should price your home. First, you need to determine whether you are in a buyer’s or seller’s market.
While you’re scouting other homes for sale in your area, pay
64
Powered by FlippingBook