If you have been receiving many calls and showings, but no offers, it may be a sign that your house is priced too high. Of course your home is priceless to you, but try to be objective when pricing it for sale. Pay close attention to what houses like yours have sold for in the past six months, and use this as a guideline.
We recommend you price your home only $2,000 higher than what you are willing to accept as a final offer and it really works! If your home is listed at a fair price, you will generate excitement among several buyers, and create the possibility of multiple offers. If your home is overpriced even by as little as $5,000 - you may be reaching the wrong buyers. A buyer qualified to spend $280,000 for example, will most likely buy up to his/her full spending capacity. If your house is really worth $270,000, the buyers looking at your home will not “talk you down” as you may have hoped. They are looking for more of a house, and are willing to pay for it. They’ll walk away. You’ll have been wasting your time with the wrong market!
Be aware of $25,000 break points on website searches. Tuck your price just under a break point rather than just over. e.g.: $125,000 - $149,999 $150,000 - $174,999 You’ll be seen by more buyers.
Today's buyers have done their homework and know the prices the market will bear. They have seen your competition. When buyers know a house is overpriced, they’ll walk away and continue their search. They know this home is not going to sell quickly, so why not go and view a few others?! If your house is priced right you will have your competition beat and the right buyer will not be so quick to continue shopping around for fear of losing your home to the next buyer.
For Better Home Pricing...
1) We strongly recommend having an independent appraiser give you an up to date price value. This is NOT a market analysis from a real estate agent who may inflate your homes’ value to solicit your listing. It is an unbiased, accurate report on the price of your home done by a professional appraiser. The cost is generally around $300-$400.
2) Check the Town Assessors’ office for homes like yours which have sold recently. This info is available to the general public, and can also be found on realtor.com, zillow.com and other sites. If you don’t have time to do the search yourself, our office can produce a report of comparable homes currently on the market as well as those sold in the past year. Call us today if you’d like this report. We can help you compare sale prices versus town assessments to help determine your appropriate price.
3) Shop the competition. Know what other homes are selling for and how they show on the inside. Go to open houses in your neighborhood. Search Realtor.com for homes currently on the market.
Finally,remember that every house will sell if priced fairly & competitively.
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