The most crucial time for your home is the first 10 days on the market. Once your home is on the market, you will see how much interest is generated. If your price is too high, buyers will pass you by because the home is out of their price range or out of kilter in the market area. By the time you decide to lower the price, they have moved on to other properties. As your home sits on the market, buyers will wonder why the home has not sold and conclude that it’s undesirable in some way. Price it correctly from the start to generate interest and gain attention from buyers to sell faster. Unrealistic pricing costs money in the long run.
Un-rushed High Pricing
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. They are continually looking for new listings — not ones that have been languishing on the market. Thinking that the market will turn in your favor may not be reliable, either. If prices in your area are dropping, you may lose money. By pricing your home based on current market values, you can sell your home more quickly and for more money. Take for instance a home that was once listed at $29,000,000 and is now listed at $14,855,000. It is a 32,000-square-foot mansion in Chicago, it has been on the market for 8 years. The seller, Michael Jordan is still paying $100,000 in annual property taxes, according to BusinessInsider.com. The gated home has every bell and whistle you can imagine including a 14 car garage and more you cannot. Lots of details went into this home built in 1995 according to Zillow.com stats. Originally at $517 per square foot now at $265 per square foot. Even the uniqueness of number 23 himself cannot seem to sell the overpriced home, located in Highland Park a suburb of Chicago. The home was
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