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Selling your home is a business transaction between a qualified buyer and yourself. If you have enjoyed living in your home for years, but have decided to move on, then don’t let the emotional attachments to the home affect how you price it. The most objective price will come from the CMA provided by your real estate agent. Memorable moments spent in your home are priceless, but they do not add to the selling price. It is also unrealistic to add dollars because of the labor spent making the house into your home. By focusing on the CMA results and maintaining a firm strictly business attitude, you can keep emotions at bay.
First Day High-Price Blues
The most crucial time for your home are the first 10 days on the market. Once your home is on the MLS, you will see how much interest is generated. If your price is too high, buyers will pass you by because the home is out of their price range or out od kilter in the market area. By the time you decide to lower the price, they have moved on to other properties. As your home sits on the market, buyers will wonder why the home has not sold and conclude that it’s undesirable in some way.
Un-rushed High Pricing
Even if you are not in a hurry to sell, it’s not a wise move to test the market by listing your home at high price to “see how it goes”. Serious home shoppers may take months to find a new home. They are continually looking for new listings, not ones that have been sitting on the market. Thinking that the market will turn in your favor may not be reliable, either. If prices in your area are dropping, you may lose money. By pricing your home based on current market values, you can sell your home more quickly and for more money.
Price Dropping
Another pricing trap to avoid is listing a price for your home far above the homes in your area with the though the price can be dropped if it does not sell after three months. That is potentially workable in a stable or increasing market. However, if the market in your area is declining, you may be forced to reduce the price even more to catch up to the falling market.
Price competitively from the beginning. Do not hesitate to reevaluate your local market. Work with your real estate agent to determine the fair market value of your home.
Excerpted from my book “Selling Secrets – You Can’t Afford to Miss”
Ricardo Parente, Realtor®
Coldwell Banker Realty | Winter Park, FL
