What's The Biggest Mistake When Listing a House?
The biggest mistake that is commonly made when selling a property is trying to capture a price that is too far above the true market value. When your home doesn’t stand out for the price, it causes others that yours is competing against to look even better, and sell faster. A properly priced home’s best friends are overpriced neighbors! An educated buyer, working with a real estate agent will not only know what other similar houses are selling for, but their agent will provide them with recent supportive market data to show where the price of any house of interest might be. One of the hardest things for owners to do is to go against human nature and price their home competitively instead of hope it will sell for more and put more cash in pocket. The second disadvantage to over-pricing is time. When the home sits on the market for an extended amount of time, buyers even more so question the price, and a downward spiral of time and price reductions usually ensues, which often would have been avoided by a correct pricing during it’s introduction to the market. This is one of the hardest steps to get right and it’s critical that your agent can establish correct market value right away. Be wary of agents telling you they can sell your house for more than the competition, as they may be working to get your initial commitment at the cost of stretching the truth.
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