Letting Emotions Dictate Pricing Selling your home is a business transaction. While your emotional attachment and the effort you’ve put into making it a home are meaningful, they don’t translate to market value. Keep emotions in check by focusing on your agent’s CMA and treating the process as strictly business. Your memories are priceless, but they won’t influence buyers’ offers. Overpricing from Day One The first 10 days on the market are critical. If your home is overpriced, potential buyers will move on to other options, leaving your home languishing on the market. Later price reductions may not regain lost interest. Start with a realistic price to attract attention and secure competitive offers early. Testing the Market with a High Price Listing your home at an inflated price to “see what happens” is risky. Serious buyers consistently monitor new listings and may overlook homes that linger too long. Market conditions can also shift, potentially forcing you to reduce the price further. Price your home accurately from the start to maximize interest and minimize time on the market. Pricing High with Plans to Reduce Later Setting an initial price well above market value with the intention of lowering it after a few months is problematic, especially in a declining market. Buyers may perceive this as indecision or desperation, further discouraging offers. Work with your agent to determine a fair market value upfront and price competitively to attract serious buyers.
Other Common Mistakes
Selling Before You’re Financially Ready Before listing your home, ensure you’re financially prepared to purchase a new one. Circumstances may have changed since your
59
Powered by FlippingBook