Competitive pricing is essential. When you price your home too high, it stays on the market longer and increasing your expenses along the way.
Seller Mistake #1: Price is too HIGH!
“I can lower the price later if I don’t get any showings or offers.” That statement has cost home sellers millions of dollars every year.
You sure can lower your asking price, but that’s not a good approach.
Experience shows that sellers who list competitively from the start get a better price than sellers who list high and then continue to lower and lower the price.
When you price too high, buyers may think you are trying to hide something:
Most of the time they think… “Let’s offer them far below what they’re asking and see if they bite.”
A far smarter approach is to allow your agent to do a CMA (comparative market analysis) and then work together on setting the right price. You must avoid overpricing.
Two things when determining price mostly…
Similar homes, via a Comparative Market Analysis (CMA): Your agent will provide a professional analysis that goes into statistics about recent sales and current active listings similar to your home. Sold homes within the past six months are best.
Market conditions: Is it a seller’s market or a buyer’s market? It’s important to research what’s happening nationally and may not reflect your local market conditions. Your agent will be helpful here as well, afterall they are the REALTOR®.