In today’s blog post we are going to discuss common pricing mistakes made by home sellers. Determining the price you are going to list your home at is the first big decision you will make after deciding to sell your home. It is just as important as the initial decision to list your home. If you price your home to high, you risk the chance that home buyers will not be interested. If you price your home to low, you risk not receiving the full amount that your house is worth. Making sure the price is correct from the very beginning will help avoid either of these scenarios. In order to ensure that your home is priced correctly from the start, work with a knowledgeable and experienced Real Estate Team as soon as you are ready to put your home on the market and avoid these common types of home pricing mistakes!

 

Mistakes Based on Emotion and the Past

Your house has become a home from your years living in it. It is always an emotional process when you decide to move. The personal memories that have become attached to your home can cause you to value the property more than it is actually worth. While we fully realize that this is easier said than done, you need to remove your emotions from the pricing process. Buyers are not going to pay more based on your emotional attachment. You need to price it based on what is physically in front of the buyers. Along the same vein, you cannot base your current selling price based on what you paid. The housing market at this very moment in time is different than it was when you purchased the home (even if it was in the recent past). Buyers want the best deal on the home based on the current market in the North Iowa area.



Mistakes Based on the Competition

Understanding what homes are selling for in your neighborhood is an important aspect of the pricing process. However, it can also lead to many mistakes made by sellers who do not understand how to properly utilize this information. When you research what similar homes are being sold for, be sure to take into account all the amenities and features of the home. Just because your home has the same number of bedrooms and bathrooms as another home on the market doesn’t mean that it should be priced exactly the same. You need to know if there are any renovations or additional amenities that have been added that need to be taken into account for the selling price. You also need to recognize that other comparable homes might be priced incorrectly. This is where working with an experienced real estate team comes in handy because they can accurately assess the competition. You should also consider how quickly a home might be needing to sell. Other sellers might be pricing their homes lower in order to stand out from the competition and speed the process along. In the end, be diligent in your research. This will allow you to have a profitable and successful sale of your home.



Mistakes Based on the Process

Price negotiations between you and potential buyers is an inevitable part of the process. Today’s buyers are much more informed on the value of homes on the market. You need to make sure you are just as informed. This will allow you to price the home appropriately and attract the kind of home buyers that is perfect for your home right from the start. Another common mistake made by sellers occurs if the home has been sitting on the market for a while. If it has, you have priced the home to high and you need to make an adjustment. Instead of making several, small price cuts, you should make a larger cut (typically $10,000+) to show buyers that you are serious about selling your home.  


 

We hope this blog gave you a little more insight into pricing your home to sell. However, we realize that you might still have some more questions. For more Home Selling Tips, give our experienced Team a call, visit our website, or visit our Facebook Page. We are here to help if you're considering Buying, Selling, or Investing in Real Estate in the North Iowa. Contact us today at 641-425-4900 or http://www.janefischer.com/.