When the decision to sell your home is at hand, establishing the right asking price emerges as a pivotal choice. The price often serves as the initial point of contact for potential buyers who come across your home. Sadly, numerous homes are swiftly dismissed by prospective buyers due to perceived mismatches in pricing before they even have the opportunity to be showcased.
Your asking price functions as the primary “first impression” for your home. If your objective is to maximize your home’s value, it’s essential to create a favorable first impression.
However, this task is more intricate than it may appear, and devising a pricing strategy demands thoughtful consideration. Pricing too high or too low can both have significant drawbacks for home sellers. While studying recent sales in your neighborhood offers partial insight, it alone falls short of providing the comprehensive understanding needed to arrive at an optimal decision.
Drawing on a recent comprehensive study that synthesizes a decade’s worth of industry research, a new specialized report titled “How to Get the Price You Want and Need” has emerged. This report furnishes you with insights into pricing strategy from three distinct perspectives. By combining these insights, you’ll be better equipped to set a price for your home that not only facilitates a sale but secures the desired price.
Here are two of the four strategies illustrating how your asking price can influence your selling price:
- Clearly Overpriced
Many sellers aspire to achieve the highest feasible amount for their homes, and real estate agents are cognizant of this aspiration. When multiple agents vie for your listing, inflating the value of your home becomes a straightforward tactic to win the competition. This practice is unfortunately quite common, resulting in many homes being priced 10-20% above their actual market worth.
- Somewhat Overpriced
Approximately 75% of homes on the market are slightly overpriced by 5-10%. These homes tend to linger on the market for an extended duration.
Two scenarios are typically at play here: either you’re genuinely convinced that your home merits this price, regardless of market indications – driven by the emotional connection to your property – or you’ve allowed room for negotiation. Irrespective of the reason, this strategy exacts a toll in terms of both extended time on the market and the ultimate selling price.
These are merely two of the four factors to contemplate.
Furthermore, if you or someone you know is contemplating a home sale or purchase in Murrieta, Temecula Valley, or Inland Empire area, or if you desire a complimentary market assessment to ascertain your home’s potential selling price, along with valuable tips on what to do (and what not to do) to optimize your earnings, including an overview of closing costs, call me now at (951) 462-4641 or pass on my contact information!
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