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Selling a home does not have to be a difficult process. If you have the right agent and set realistic expectations for yourself, you can get yourself into that dream home quicker.
So what’s keeping most sellers from getting their home off the market? Pricing. Homeowners must understand that price and value are two different things so regardless of what you choose to “ask” the market ultimately determines what you net at the end of the day. Pricing a home can make or break a deal. It can be the difference between your home going under contract less than 24 hours after being listed, and sitting on the market for 6 plus months. To ensure that this doesn’t happen to you, avoid these mistakes at all costs.
Pricing too high
Today’s buyers are extremely knowledgeable – they know a bad price when they see it. If your home is priced too high, buyers won’t give it the time of day. Once you realize your home is overpriced, it’s likely too late. Homes that sit on the market tend to have the perception that something is wrong with them. This is why it is imperative that you listen to your real estate agent’s guidance. Hours of market research and analyzing comps led them to this decision. Trust their expertise.
Don’t be afraid to go low. Pricing your home just right, or even slightly lower than current market value could get you into a multiple offer situation. In a multiple offer situation you stand to get the most amount of money possible out of your home. A multiple offer situation is similar to an auction sale. With multiple bidders, the price will keep rising until the highest bidder wins. Additionally, if something falls through with the highest bidder’s contract, you will have a qualified backup offer ready to go.
The agent who offers the highest price
If you’re serious about selling/buying real estate, chances are you’re interviewing multiple agents. Don’t choose an agent because they’re offering to list your home at a higher price. If an agent offers to price your home higher than other agents you’ve interviewed, chances are they’re interested in listing your home, not selling it. This is a selfish practice that will cost you time and money. After sitting on the market, you will inevitably have to price drop and pray your home sells. Its called Buying the Business. They are hedging their bets that a buyer may come along out of the deal knowing that taking an overpriced listing is risky business.
Suppress your emotions
You’ve spent years creating memories and spending hard earned money turning your house into a home. There is a lot of sentimental value surrounding your property but emotion must be compartmentalized. The emotional value of a home does not transfer to potential buyers. Your perceived value is not the actual value, so don’t let this be a factor in determining the list price. Once again, trust the experts.
As a seller you should be encouraged to know that these mistakes are easily avoidable. Make sure you work with the right agent and trust their judgement – your wallet will thank you.
Our experienced Living TN Realtors understand the current market conditions and are able to give you professional advice. They will work with you to navigate the local economic landscape and guide you in your selling decisions. To set up a consultation, please call us at (615) 425-3929 or email Kelsey@LivingTN.com