wonder why the home hasn’t sold, concluding that it’s undesirable in some way, and passing it by without a second glance. Price it correctly initially to generate interest and gain attention from buyers to sell faster. Unrealistic pricing costs money in the long run.
TESTING THE MARKET WITH A HIGH PRICE
Even if you’re not in a hurry to sell, it’s not a wise move to “test” the market by listing your home at a high price to see how it goes. Serious home shoppers may take months to find a new home, so they are continually looking for new listings, not ones that have been sitting on the market. Thinking that the market will turn in your favor might not prove reliable either. If prices in your area end up dropping instead of rising, you may lose money. By pricing your home based on current market values, you can sell your home more quickly and for more money.
PRICE DROPPING
Another pricing trap to avoid is insisting on a price for your home far above other homes in the area. If your home doesn’t sell after three months on the market, you might decide to lower the price. That’s okay in a stable or increasing market, but if the market in your area is declining, you could be forced to reduce the price even more to catch up to the falling market. Price competitively from the start. Don’t hesitate to reevaluate your local market. Work with your real estate agent to determine the fair market value of your home.
NOT OBTAINING REPAIR ESTIMATES
Whether you plan to repair any faults in the house before listing or
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