It is crucial when selling in a shifting market to price your home properly. Over pricing will just lead to lower offers (buyers testing to see if your desperate to sell), miss out on qualified buyers, lead to price corrections, extended days on the market, perceiving something is wrong with the house and ultimately lead to a sale price of less than market value.
Under pricing can do the same - potential for stigma of issues with the house (questioning why is it so cheap) or can leave potential money on the table.
Pricing at market value leads to the largest pool of qualified buyers and can encourage multiple offers and more money offered.
Factors that determine market value
- market conditions (mortgage, interest rates)
- house features
- comparable sales
- number of properties for sale
- number of qualified buyers
FACTORS that don't determine market value
- what you want to sell for
- what you bought it for
- what your friends or family sold for (especially in a different market)
A correctly priced home:
1. Attracts more qualified buyers
2. Creates a sense of urgency between potential buyers
3.Generates more interest and showing activity
4. Sell quickly
5. Potential for multiple offers and a higher sale price
Curious to know what your home is worth? Connect with us and we'd love to chat.
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Posted by Robert and Shawna Eskiw on