Why Is It Crucial You Price Your Home Correctly Right Away?
by: Jeff Quintin, on January 26, 2017 - Uncategorized
If you’re thinking about selling your home, it’s crucial that you price it correctly from the get go.
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Today I’ll go over the importance of pricing your home correctly and share a study we use to highlight the benefits of making sure your home enters the market at the right price.
The first five months of the year represent 55% to 60% percent of our annual transactions, and the next three months are crucial to properly positioning and correctly pricing a property for the market. January, February, and March don’t have the distractions other months do. Holidays like Valentine’s Day and St. Patrick’s Day aren’t as huge, and people aren’t getting married or taking vacations as often in those months.
Fewer distractions mean more time to devote to the market for both buyers and sellers.
That’s why it’s so important to make absolutely sure your home is priced correctly. In fact, I highly encourage you to look over our “Right Pricing” study located here. It’s a study that shows why pricing your property correctly the first time is crucial to your sale. The last thing you want to have to do is chase the market.
Here are some issues you’ll run into if you overprice your property:
- Eliminates the sense of urgency for the buyer
- Extends the marketing time
- You’ll keep being asked for price reductions
Don’t forget to check out the
“Right Pricing” study!
The biggest pitfall to overpricing your home, however, is that it puts the buyer in control. When you overprice, it encourages lowball offers and bottom feeders. Those buyers understand that you have been on the market for a long time, and the longer you’ve been on the market, the less they are going to offer.
If you list your property at the right price to begin with, you’re going to attract buyers and offers. Even if you turn down some offers, it’s better not to overprice and help sell the competition. Here are some benefits to starting with the correct price right out of the gate:
- Promotes buyer and agent interest
- Generates more showings
- Creates a sense of urgency
- Sets the stage for multiple offers
We have sold 12 properties so far this month, and they are averaging a sale price of 98% of list price. Pricing a property correctly will net you more money for your home and make sure you are in control. Make sure you take a look at the study!
If you are thinking about listing your home, give me a call so we can talk about a pricing strategy. As always if you have any other questions don’t hesitate to give me a call or send me an email. I look forward to hearing from you!