Top 5 Seller Pricing Errors
- Price it high and lower it later. You never get a second chance to make a first impression. Research shows that homes priced right when they first hit the market sell quicker and closer to the asking price then homes that start too high and then have to adjust down.
- Using an odd list price like $302,427. Online buyers look for homes using price categories. Make sure your price is on target for buyers searching with a window of $250,000 to $300,000 for example, always price in round numbers.
- Not basing the price on sold homes in your neighborhood. The only true pricing guide is what comparable homes in and around the community sold for. This is what lenders and appraisers will look at to determine value. If it doesn't appraise, no loan and no sale.
- Rejecting the offer without countering. Buyers want to try to get the best deal and will low ball just to see where the seller is "at". Don't' take it personally; counter the offer to see how bad they want the house - most of the time they really do. Your asking price should have a little "wiggle room" to allow your REALTOR® to negotiate on your behalf.
- Not understanding market conditions. Listen to your REALTOR® and take advantage of their knowledge and experience. A price adjustment may be in order - up or down. The goal is to get it sold and off the market! Buyers see how long a property has been on the market and may question why it hasn't sold. Or they could use your home as a comparison to purchase your "priced right" neighbor's house. Price it right and get ready to move.
Written By: Kathy Zorn