Pricing Yourself Out of the Market
Pricing your home – Common mistakes
Accurately pricing your home can be more difficult in today’s
changing real estate market. Learn about these common mistakes
and avoid pricing challenges.
One of the most common mistakes sellers make is listing at
a price based on what they want rather than what the current
market can bear. Truthfully and simply said, the price a buyer
will pay for your home is based solely on its current market
value. A knowledgeable real estate agent will offer impartial
advice on the current market conditions and on the market value
of your home.
Another common mistake is failing to quickly reduce the price
of an overpriced listing. New listings generate great enthusiasm
among buyers and their agents. If you leave your listing on
the market too long at a price that is too high, the enthusiasm
for your listing will be short lived and nearly impossible to
revive.
There is also the mistake of not recognizing when to undercut
your competition. The laws of supply and demand apply one more
time. When inventory levels are at their highest, it may be
wise considering a list price that undercuts your competition.
One least common, but costly, mistake is listing with an out-of-area
real estate agent. It is extremely difficult to get accurate
pricing information from an agent who does not work nor specializes
in your local market. Market conditions can change rapidly;
and when they do, local agents are the first to know. Other
reasons to list with a local agent are that local agents representing
buyers are likely to have a higher opinion of your listing if
it’s with a respected local agent and that there could be local
ordinances or conventions to comply with that an out of area
agent may not be aware of.
Today’s real estate market can be challenging, do not let
the price of your home create more challenges.
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