Anyone who has sold a home understands the challenge of pricing your home correctly.
Nobody wants to “leave money on the table,” but on the other hand, nobody wants to have a house just sit on the market “because it’s overpriced.”
You have to do your homework, work with a Realtor® you feel is a good match for you and then – take your best shot.
You look at comparable properties in the area, think about how to determine what you want to get for your home, and then –
What should you do? Don’t worry!
The list price doesn’t determine the final sales price. This is the reason it’s hard to overprice or under price a home – the market will always set things straight.
Think about it – If you slightly under price the home – be patient and don’t panic. In a seller’s market, don’t always take the first offer; (it’s not always the best). Take your time as it will create competition among buyers. The chances are much higher you will receive multiple offers over the list price. Many times, in an effort to make their offer the most enticing, buyers will raise the offering price, remove contingencies, and offer more favorable terms.
If you have overpriced the home and you receive no offers, you probably will end up lowering the price.
Most buyers will perceive weakness and portray you as a “desperate seller.” Without a competitive environment among buyers, the chance of getting low ball offers increases, which can be very frustrating for sellers.
Most sellers are going to do better in the end by creating a competitive bidding environment for their home. It makes sense that negotiating with 6 to 8 people – versus 1- is going to be to the seller’s advantage.