How to Price Your Home Effectively
Posted: March 15, 2011 by Coldwell Banker Sea Coast Advantage
Determining your selling price is probably one of the biggest problems associated with selling your home. You don’t want to price it too low and lose valuable money, but you also don’t want to price it too high and lose potential buyers. So how should you go about determining the magic starting value for your Wilmington NC, home for sale?
Don’t start too high
While that is easier said than done, initially pricing your home too high can have a variety of negative consequences in the long run. Not only will you lose buyer interest, but pricing too high can make competing properties in your area seem like better deals. It can also lead to mortgage rejection once the appraisal is in. So how do you avoid this common mistake?
Get a professional appraisal of your property
Purchase an online pricing report
Find similar homes for sale in your area
Always set your price slightly below a whole value (Ex. $89,000 instead of $90,000)
Don’t start too low
The reasons for not pricing your home too low are fairly obvious. Not only will you be losing out on money, but you will not be factoring in the negotiations that take place between buyer and seller. Most home buyers aren’t going to accept the asking price; they will attempt to barter a slightly better offer. You need to compensate for this in the initial pricing of your home.
A quality real estate agent can help walk you through the process and work with you to develop a starting point where you feel comfortable. Remember, the real estate market experiences frequent changes, so be sure to re-evaluate the price of your home every few months.
Looking for a real estate agent to help sell your home? Contact Sea Coast Realty today.