Common Seller Mistake #1
For those considering selling their home, we wanted to give you some words of wisdom. There are some common mistakes made in pricing that really hurts.
Pinpointing the best possible price for your home can be a challenge. If you over price your home, it will not sell. If values are declining in your area, the longer your homes takes to sell, the less money you will make.
Mistake #1: Basing the list price for your home on the list price of other properties
You have been out on the internet or other sources and see that a home two streets over with similar floor plan is listed for xxxx number of dollars. A house slightly larger is on the market for xxxx dollars. You think, they need paint on this house or the bathroom isn't as nice. Maybe the neighbors have been talking and you heard they upgraded the bathrooms and paid xxxx dollars to do so. So when it is time to put your home on the market you take their asking price into consideration but decide you will list yours somewhere in the middle or since my house is on a nicer street, a little higher. Does this sound familiar?
To accurately price your home, the best way is to look at homes that have actually sold. In today's market, while houses have been selling, many are not closing due to the credit crunch. And let's not forget, appraisals are a huge issue. Let's say a home is worth $150,0000 ,by the time the appraisal is done and you are ready to close in 45-60 days ,the home may be worth only $126,000. Follow the suggestion of your Realtor. Have them give you the information neccessary to choose the best price to attract a buyer for your home.
Mistake #2 to follow.