CHAPTER 5 Determining the Right Price When Selling Your Home by Yourself THE IMPORTANCE OF THE FIRST LISTING PRICE When it comes to deciding the price of your home, you cannot overestimate the importance of the first listing price you show to the buyers. Generally, as the homeowner, you will always have a broad idea of the current worth of your property. What we are speaking about here, though, is the listing price you are supposed to quote to potential buyers, which will be one of the driving factors to promote or doom the sale of your home. That being the case, the initial listing price must be as attractive as possible in order to set a good pace for the selling process as a whole. While industry experts offer advice on only a few successful strategies, they are worth looking at. “Fast and low” is a winning strategy to keep in mind when you are deciding the first listing price. If you are looking to sell off your home as fast as possible, simply list the property 5% to 15% below its market value (after studying current market trends to make sure you know what that price actually is in your neighborhood, of course). This will attract buyers easily, since a good deal is always the best bait. This strategy is best when you plan to do the sale yourself, since the lowered price means you have less margin to work with for paying an agent’s commission. Market statistics show that on 37
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