When you put your home up for sale, you must have a strategy that will lead to the three results you want.
- The highest possible price.
- In the least amount of time.
- With minimum inconvenience.
In order to accomplish these goals, many correct decisions must be made. Your property should be fixed up inside and out. Attention should be paid to décor and cleanliness. Nothing, however, is more important than setting the correct asking price. It is the asking price in combination with the features and location that will determine how many buyers will want to see your property.
How should you set your asking price? Because this decision is so essential to a successful sale, I recommend that you list your property and use the market knowledge of a Realtor® to establish the correct asking price. This price should attract potential buyers and still allow some room for negotiating.
Should the asking price reflect recent sales or current listings? Though paying attention to the recent sales is very important as you will face the fiddle of an appraiser eventually. For the sake of catching the eye of current buyers, I believe the present asking price of similar homes now for sale is the most important factor that you must consider.
Let’s assume, for example, that similar properties in your area are priced from $450,000 to $475,000. Are you going to price your home at the beginning, middle or end of the parade? The beginning of the parade would be $449,900. This is good positioning. Putting your asking price at $480,000 could put your property on the sidelines while you watch other homes sell all around you. Don’t kid yourself. The asking price has an enormous impact on the number of showings you will receive and the number of showings will have a direct bearing on your ability to obtain an offer from a qualified buyer.
ADVICE: Don’t listen to hearsay. Don’t base your price on a whim. Do it right and hire a Realtor® to sell your property. Use the latest market information that a Realtor® can provide to position your property so that you can get the showings necessary to generate the offer you will accept.
