Raleigh Home Seller ~ Pricing Your Home For Sale
Who Sets the Price of a Home? The Seller Does. But, Who Determines the Value of a Home? The Buyer Does.
It is your job to price your home - but it is our job is to provide you the facts that will make it possible for you to properly price you home.
This is a very important decision and it must be an Informed Decision. To make that decision you need accurate information about what has sold recently and what is for sale now.
To make an informed decision, listen to the facts as opposed to emotion and hype.
When discussing pricing - statements that have nothing to do with value are heard all too often:
• Another Agent said I could get much more than that!
• Our house is much nicer than those houses so it is worth more.
• Let's Start High. We can always come down.
• We need more than that out of our home.
• My neighbor got much more for his house.
• Let's take a chance - someone could just fall in love with it.
• The buyers can make any offer they want.
• We paid more than that.
• I have a new air conditioner and need to get my money back
Some Agents will take a listing at any price the Seller wants. They will not take the time to share the facts with the seller in the facts.
They know it will not sell at that price. Their goal is just to: "Get The Listing".
We believe that this is unfair to the Sellers and sets them up for expectations that will not happen. They think their house will sell for more than it ever will - they are set up for disappointment and worse.
We Choose to be Honest with Sellers and tell them What is Real and What may be Fantasy.
Overpricing will cause problems that can be compounded. The result is often that the home takes Longer to Sell and ironically (according to statistics) the Seller ends up selling it for less than if it had been Properly Priced at the start.
Sure, you can list your home way above fair market value, but it's not likely buyers will pay it. In fact,
you'll probably waste months of your precious time, only to have your house become stigmatized by its length of time on the market.
Overpricing Reduces Showings
Buyers are well informed today and they generally do a lot of research before they start looking. They know what to expect in certain price ranges.
Overpricing Helps Sell Competing Properties
Let's say there are 10 homes for sale in your subdivisions and about 10 in the area. Then say 8 of those 10 are priced at fair market value and 2 (yours included) are above the fair market value. Which ones do you think the buyer will be most interested in and take the time to view?
Even if you have real cool stuff in your house - the buyers say to themselves - I can get that cool stuff with the money I save and have a lower mortgage payment.
Overpricing Extends the Days on Market
Homes that are overpriced take longer to sell - period. After awhile a home has been on the market for some time gets "market age" on it and the agents stop showing it. Buyers think "There Must Be Something Wrong with it". Offers - if they even come in are Low Ball offers.
Overpricing Leads to Price Reductions
A series of price reductions weakens your positioning at the negotiating table. To the buyer it is an indication of Desperation.
Overpricing Can Cause Appraisal Problems
If by a wild chance a Buyer does want to buy an overpriced home. Everything is agreed to, the appraisal is order and then "the house does not appraise." That means that the value as determined by the appraisal is lower that the price agreed to - there is nothing to do then but lower the price.
Banks will not lend on homes that "do not appraise." There must be comparable home sales to justify the price. Lenders want to protect their investment.
Raleigh Homes sell quicker and usually for more money when priced properly in the beginning.
Our Pricing Model is to provide a Sellers will All the Information Available to allow them make an Informed Pricing Decision.
We listen carefully to what the Seller wants with regards to pricing, terms, and timing. We go over different Pricing Strategies and the reasons for them. Then we Mutually Arrive at a Price where we think the home has a good chance of selling.
We do not just put a home on the market - we put a home up for sale.
The excitement of a new property on the market will create attention from both buyers and buyer agents. Often the home will receive its highest and best offers during this initial stage.
After that initial "honeymoon" period, the only people to look at it will be new buyers who are just starting to look.
Careful positioning your home properly in the first few weeks of the marketing is very important.
Other things to consider when selling your Raleigh home are Tips to Help You Sell Your Home FAST, Raleigh Sellers - Curb Your Appeal and Tips for a Short Notice Home Showing.
If you have questions about Listing a Raleigh home or any Homes In Raleigh,
Email Us or Call Us Today at 919-280-2726
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Content By Erin Bohner
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