When you put your property on the market in the hope of a sale, you don’t want to make a mistake with the asking price and have it sit on the market for too long as a result. It’s best to use a real estate agent that specialises in your area and has an excellent knowledge of all property in it.
Here are some of the mistakes you can make when setting the sale price for your home.
1. Trying to get the highest imaginable price
It’s important to be realistic when it comes to selling your home. Pretty much the worst thing you can do is just chase after an unrealistic value given to you by the highest agent. It could be a price you’re never going to get, and ending up costing you time and money.
2. Setting the price too low
This is not a serious mistake as setting the price too high, at the end of the day your property is worth the amount a buyer is willing to pay for it. If you set the price lower than other similar properties in the area you are likely to attract more attention as a result and get more quality offers, usually resulting in a sale price that’s close to the accurate market price.
To find out how much it is a buyer is likely to pay for your property, compare it with how much other homes that are similar to yours have sold for in the area recently. Take into account positive and negative features of your house compared to its competition and the current market conditions. A real estate agent who specialises in your area, as mentioned, is worth their weight in gold in this respect.
3. Swapping agents
If you choose an agent simply because they gave you the highest valuation your property may stay on the market for three months and the listing may expire. You will probably think it’s the next step to get a new agent to sell your home. The danger here is that they just lower the price in a hope to attract offers without actually analysing and finding out how much your home is actually worth. The lowered price is a big turn-off to potential buyers too who will think there’s something wrong with the house.
4. Taking too low an offer after an extended period on the market
After having your property on the market for a long time and possibly having new agents as well, morale is likely to be low and seller fatigue will no doubt set in. These are ripe conditions for you to end up taking a sale price that is well below what the house is actually worth.