It’s an understandable conundrum: sellers believe their home is worth more than it is, and buyers think that it’s worth less. So where is the proverbial “sweet spot” when it comes to the single most important aspect of marketing your home – setting its listing price?
Consider the number and condition of the other homes that are for sale in your area. If you want to sell quickly, then your listing price should be a bit lower than the competition. This way you’ll generate the most interest. Obvious, right?
But how many of those rival listings are foreclosed properties or short sale listings? The most critical factor in evaluating this type of competition is the condition in which they are offered. Neglected homes aren’t likely to affect you, but if they are in good shape and presented at prices at or below market, you’ve got some hard thinking to do.
If buyers aren’t making appointments or are not making you offers after the showings, you probably priced your home too high at the start. Don’t hesitate to make an adjustment quickly, however, because properties generate the most interest in the earliest stage of the listing.
Finally, give the reasonable offers you receive strong consideration. You may counter, but these days, buyers may not engage in extended negotiations – they’ll just move on to the next property. You can avoid these bitter pills by practicing a little preventative medicine through competitive pricing right from the beginning.
Contact the Kathy Henne Team RE/MAX FINEST by calling (937) 778-3961.