Even though there’s a big buyer demand for homes in today’s low inventory market, it doesn’t mean you should price your home as high as the sky
when you’re ready to sell. Here’s why making sure you price it right is
key to driving the best price for the sale.
If you’ve ever watched the show “The Price Is Right,” you
know the only way to win the game is to be the one to correctly guess
the price of the item up for bid without going over. That means your
guess must be just slightly under the retail price.
When it comes to pricing your home, setting it at or slightly below
market value will increase the visibility of your listing and drive more
buyers your way. This strategy actually increases the number of buyers
who will see your home in their search process. Why? When potential
buyers look at your listing and see a great price for a fantastic home,
they’re probably going to want to take a closer look. This means more
buyers are going to be excited about your house and more apt to make an
offer.
When this happens, you’re more likely to set up a scenario with
multiple offers, potential bidding wars, and the ability to drive a
higher final sale price. At the end of the day, even when inventory is
tight, pricing it right – or pricing it to sell immediately – makes a big difference.
Here’s the other thing: homeowners who make the mistake of
overpricing their homes will eventually have to lower the prices anyway
after they sit on the market for an extended period of time. This leaves
buyers wondering if the price drops were caused by something wrong with
these homes when in reality, nothing was wrong, the initial prices were just too high.
Bottom Line ...
If you’re thinking about selling your home this year, let’s get together so you have a professional on your side to help you properly price your home and maximize demand from the start.