When it comes to selling your home, you can’t afford to ignore this real estate advice. Listing your home at the correct price is everything!
This advice might seem simple at first, but the impact of your listing price can directly influence the outcome of your home’s sale. As a real estate agent, it’s common to see homes on the market with incorrect price tags. An overpriced or underpriced home can have disastrous consequences, leading to a stagnant listing and a cascade of unfavorable consequences.
Let's delve into why getting the pricing right is so important and how an incorrectly priced home can affect you:
1. Not Attracting Good Buyers: A home priced too high risks pricing out the most motivated potential buyers—the ones who could potentially secure you the best profit. Likewise, a home that’s priced too low might get you interest, but you won’t make the most profit. Finding that sweet spot with the right listing price will ensure that your property attracts serious and interested buyers who are more likely to make competitive offers.
2. Scaring Away Buyers: A listing that lingers on the market due to overpricing often scares away potential buyers. If a home has been sitting on the market for a while, many buyers will wonder “What’s wrong with it?” and then will be reticent to see the home.
The same thing happens with an underpriced home. Buyers will assume that there’s something wrong with the home because someone hasn’t snatched it up at the low price, resulting in less interest and a stagnant listing.
3. Inviting Lowball Offers: The longer a property sits on the market without attracting interest, the more likely it is to receive lowball offers. When this happens, many sellers feel pressured to accept less than the property's true value. This is the opposite of what you want to happen with your home sale!
To safeguard your interests and maximize your returns while selling your home, you need to focus on listing your home at the right price from the very beginning. Correct pricing not only attracts interested and motivated buyers but can also ignite a bidding war—every seller's dream!
But pricing a home correctly can be tricky–that’s where your real estate agent comes in with the experience, knowledge, and industry stats you need to list your home at the right price.
Ready to list your home at the right price so you can sell for top dollar? Send me a message!