When selling a home, it's common for homeowners to struggle with what price to list their property. The uncertainty behind home pricing leads to a variety of bad home pricing tips that can actually cause you to get less money for your home. Our real estate agents suggest avoiding these bad pricing guidelines when it's time to sell your home.
- Price Your Home According to What You Feel is "Right"
As your home's owner, you're likely to give your home an intrinsic value that simply doesn't match your home's actual value. You've spent years cleaning and maintaining every square foot, tending the lawn and gardens, and making memories with your family and friends; it's normal to put a higher personal value on your home than its market price.
Unfortunately, your emotions need to be left out of the pricing equation for your home. Pricing for Lewisburg homes for sale should be based solely on facts and data that support your asking price.
- Make Sure Your Price Turns a Profit on Your Home
The value of your home has nothing to do with the profit you're hoping to earn when you sell it. If you need to make a certain amount when you sell your home, talk to your realtor to see if the current market supports your desired asking price.
- Consider the Cost of Your Renovations When Pricing Your Home
While renovating or upgrading your home can impact its value, the return for each project will vary. You can't take the price of the renovation and add it to your asking price; instead, discuss with your real estate agent the impact the project will have on your home's value.
Some projects, like kitchen and bathroom renovations, usually offer higher returns than highly customized upgrades or high-end finishes. Your home's pricing will reflect your property as a whole rather than focusing on the cost of a project.
- If You Can Wait, Opt for a High Selling Price
It's a bad idea to price your home high with the hopes of waiting a few months for the perfect buyer to come along. Homes that are priced too high are less likely to attract potential buyers and take longer to sell.
What often happens is buyers learn that the home has been sitting on the market for a few months and are more inclined to make a lower offer because they believe the property is overpriced and undesirable.
- Ignore Insulting Lowball Offers
There's no rule that says a lowball offer can't turn into a deal to sell your home. Instead of dismissing homebuyers who make insultingly low offers, respond with a counteroffer that's based on your home's market value.
Some homebuyers want to get the best deal possible and might start with a super low price in hopes the seller will just accept it. You have nothing to lose by making a counteroffer.
Staying away from these home pricing mishaps will help you command a competitive price for your home and ensure that your home sells as quickly as possible. Ready to list your home for sale? Contact us to get started!