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Friday, March 29, 2024

Real Estate Logic – Would you buy it at this price?

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If you ask too much for your house when putting it on the market, you should ask yourself if you would pay this price yourself. The honest answer is usually no. Yet, many home owners overprice their property and then expect their Realtor to work a miracle and sell the house at the inflated price. Why do people typically price their homes too high? My thirty five years of selling Naperville area real estate tells me the following.

“We can always make an offer.” This often quoted remark is a fallacy. Buyers don’t make offer on homes they don’t visit and they won’t visit homes that are obviously overpriced.

“We can always reduce the price later.” The longer a house is on the market, the less it sells for. Once a property gets market weary, buyers and Realtors begin to suspect there is something wrong with the house. The best time to price it correctly is at the outset. It will make a strong first impression and the word will get around that somebody better buy it quickly before it is sold. So, if you are inclined to price it right, sooner is better than later.

“I need this much to buy my next house.” Your present home has a certain value regardless of how you plan to use the proceeds from its sale. If you put unrealistic expectations on the sale of your present home in order to get enough money to stretch into your next home, you will probably not be successful in selling this home and lose your opportunity to purchase the next one.

Advice: When setting an asking price, remember to ask yourself if you would be willing to pay this price if you were buying your existing home. In order to price it right, ask your Realtor to provide you with all the latest facts.

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Gary Leavenworth
Gary Leavenworthhttp://www.garyleavenworth.com/
Gary Leavenworth is a senior Realtor associate and team leader of the national award winning Leavenworth Team of Coldwell Banker Realty and has been serving Naperville’s real estate needs since 1982 with a career volume of over $400 million in closed sales!  If you have a real estate question, email Gary at gary@garyleavenworth.com or call/text him directly at 630.885.1565.

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