There is a saying in real estate, and it is as important as Location, Location, Location. “Every home will sell if it is priced correctly.”
This means pricing it to the market, not what you think it’s worth and not what you necessarily owe on the home. Unless your home is situated in a subdivision or community where demand is currently high, you’re less likely to profit from your home the way sellers and many investors did during the housing boom.
You and your Real Estate Professional are making an educated guess on your home’s value by comparing similar properties, adjusting for the differences, and taking into account current or competing inventory on the market for sale. If you overprice your home, it will most certainly sit on the market creating a stigma among buyers and Real Estate Professionals.
The first thing I always suggest to sellers, and yes it will cost a little out of pocket money, is to get a qualified appraisal. The appraisal acts as more than a Comparative Market Analysis which I provide to my clients. It is also a negotiating tool that I have personally experienced to be more than useful in the heat of a negotiating battle. No matter what, if you have an interested buyer who has fallen in love with your home, they have a harder time arguing you down on price if you have an appraisal in hand.
Considering that we currently live in a Buyers’ market, make sure you price it right from the start.
