7 Pricing Myths You Need To Get Past If You Want To Sell Your Home

    When homeowners are preparing to put their properties on the
    market, one aspect is usually foremost in their minds: money. Setting the
    asking price accurately can mean the difference between getting an offer
    quickly and having a house languish for months, drawing little interest. With
    that in mind, it’s important that potential sellers block out a lot of the
    noise that often surrounds the intricate art and science of pricing.
    There are
    plenty of myths that may cause sellers to lose sleep at night as they attempt
    to separate fact from fiction. The following are statements that can stand in
    the way of a successful sale.

    1. ‘If we keep waiting, a better offer will come along!’

    via GIPHY

    When sellers receive an offer from the first showing, they
    may be skeptical or hesitant to accept it, wondering if other prospective
    buyers would be inclined to pay more. Thoughts of potential bidding wars could
    cause sellers to want to wait and see who else falls for their place. But,
    remember the old adage, “A bird in the hand is worth two in the
    bush?” There’s no guarantee other would-be buyers are waiting around the
    corner. If the offer is a fair one, entertain it and count your blessings.

    2. ‘Getting an offer right away, means the agent priced it
    too low!’

    via GIPHY

    When sellers receive an offer early in the process, as
    excited as they might be, many can’t help but wonder, “Should we have
    asked for more money? Did our agent price it too cheaply?” While it’s
    natural to be skeptical (and even a little greedy), receiving an offer on the
    early end of the spectrum most likely means your home was priced accurately and
    attractively. If you trust your agent, you know he or she didn’t pick a number
    out of the sky, but rather based it on extensive market research. So, be glad
    your sale is moving in the right direction.

    3. ‘We should price it so there’s room to negotiate!’

    Let’s be honest: Most sellers would love to get top dollar
    for their homes. But overpricing it with the intention of being willing to
    accept a lower offer may just leave you empty handed in the long run. Plus, if
    you have to drop your ask multiple times, buyers may begin to wonder what’s
    wrong with the place — other than the price, that is.

    4. ‘That’s not what my Zestimate says it’s worth!’

    via GIPHY

    Have you ever noticed how homeowners are eager to believe
    Zestimates or other automated valuation models when that price exceeds their
    expectations? Yet, when the opposite happens, they assume it’s outdated or
    erroneous information? The point we’re making is, these numbers can be
    inaccurate, so again, trust your agent over the Internet. Enough said.

    5. ‘We can add all renovation costs to the asking price!’

    via GIPHY

    Sellers may adore the improvements and renovations they’ve
    made and want to add in those costs to the asking price. But remember, not
    every change is going to land a huge return on investment. If you’re curious
    about what you can expect on those fixes, check out Remodeling Magazine’s
    annual ‘Cost Versus Value’ report to get an idea of which upgrades yield the
    biggest bang for your buck. Also, as you’re making changes, bear in mind that
    the infinity pool you view as an asset may just seem like a huge liability to a
    buyer.

    6. ‘My Realtor® overpriced my house to make a larger
    commission.’

    via GIPHY

    Agents are paid a percentage of the selling price of the

    home. However, even if they were to raise the ask by $25,000, in most cases
    that would yield an additional $1,500 in commission, which would then be
    divvied up between the broker the agent is working for and the buyer’s agent,
    leaving your agent with less than $750 more in his or her pocket. It’s hard to
    imagine an agent would blow a potential quick sale — and take on weeks or
    months of additional showings and marketing expenses — for a few hundred
    dollars.

    7. ‘Reducing the price is a sign of weakness!’

    via GIPHYWhile no homeowner is eager to drop the listing price, if

    time is passing and there’s been little interest, it could be time to consider
    lowering the ask. Remember, time is money. While you’re waiting for someone to
    meet your price, you’re still paying the mortgage, taxes, utilities, and
    insurance etc. Plus, sometimes, lowering the price can put your home in front
    of a group of new buyers, which could generate a lot more interest and,
    ultimately, get the price back up closer to where it was in the first place.

    The Takeaway

    Finding a skilled Real Estate agent that you trust is the best place to start when you are thinking about selling!
    Find out your home’s value with a Detailed Home Value Report from Our Listing Experts Today!

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