If you find out that prices are higher than you anticipated, and you’re in a hurry to sell, don’t set a price too low. It’s a myth that a lower price means a quick sale. That’s not always true, and it can be dangerous, costing you in the end. A too-low price can have many negative consequences, such as: • Incorrect evaluation of your house A low-end price is considered suspicious, and buyers might think you want to hide serious problems. As a result, potential buyers pay extra attention and become suspicious. • Negotiation of the final price Suspicions on a low-priced home lead to lowball offers, and if you’re in a hurry to sell, you will lose a lot more money than you expected. Further, as soon as your home is listed, changing it to a higher price later might lead to no sales. So you’re either stuck with the low price or don’t get a buyer. Knowing how important prices are, let’s look at some research. This will give some intel on how to set the right price.
RANGE ESTIMATED HOUSE VALUE
SUGGESTED/PREFERRED SELLING PRICE $97,000
< $100,000 < $160,000 < $200,000 < $300,000 < $500,000 < $800,000 < $1,000,000 < $1,500,000 < $2,000,000
$157,000 $197,000 $297,000 $497,000 $797,000 $997,000 $1,497,000 $1,997,000
You can guide your price based on the above table, but it’s best to leave it to an expert. Don’t take a risk on something as major as a house sale!
3
Powered by FlippingBook