8. Wasted Marketing Efforts: Marketing a home that is overpriced can be a waste of resources, as it might not attract serious buyers. Listing agents might also be less inclined to invest time, resources and effort into marketing an overpriced property. Overall: Setting a realistic and competitive price from the start is crucial for a successful home sale. This approach generate interest and gain attention from buyers to sell faster. Do not hesitate to re-evaluate your local market, the market can change a lot, very quickly. Work with your listing agent to determine the Fair Market Value of your home. Be aware that unrealistic pricing costs money in the long run and might cause a lot of stress and frustration for homeowners.
Price Dropping
Another pricing trap to avoid is listing your home far above other homes in the area, with the intention of dropping the price if it does not sell after three months. That is potentially workable in a stable or increasing market. However, if the market in your area is declining, you may be forced to reduce the price even more drastically to catch up with the falling market.
Subjective Pricing
Selling your home is a business transaction between a qualified buyer and yourself. If you have enjoyed living in your home for years but have decided to move on, don’t let emotional attachments to the home affect how you price it. The most objective price will come from the CMA provided by your listing agent. Memorable moments spent in your home are priceless, but they do not add to the selling price. It is also unrealistic to add dollars because of the labor spent making the house into the home you desired. By focusing on the CMA results and maintaining a firm, strictly business attitude, you can keep emotions at bay.
17
Powered by FlippingBook