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Top 6 Myths About Home Pricing
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Top 6 myths about home pricing
Overprized home don’t sell.
First of all understanding how real estate work is critical to seller’s success to the selling quickly at the best possibilities (price). If you want best result don’t buy into the following myths about the pricing your home to sell. You will only be setting up for failure.
1. An offer that comes in fast means the home is price too low
If you get offers in the first few day then you have prices it correctly. Fear not if you are thinking you prices it too low because you may get multiple offers taking you over asking price.
The market will adjust for you. In a seller’s market the inventory may be low with a limited number of homes available to buy. In this situation you may find that offers come in quickly.
It is critical that you find a real estate agent you can trust who knows the market and how to the price a home so you will get the best possible price.
2. Just wait it out and the offer will come
Many people assume that if they wait long enough a good offer will come. I have heard so many times from sellers that they are in “no rush” and can wait for that high offer to roll in months down the road.
Most homes priced correctly will sell in the first few weeks. Serious buyers have seen all that in on the market.
The result is the buyer wait for the best possible home to come on the will assume that there is something wrong with it or it is grossly overpriced.
The market will determine the price and if you don’t get any showings at all in the first weeks you can assume it is highly overpriced and the buyers are waiting for you to get real.
The longer the home sits on the market the less negotiating power you have. Buyer will assume you are desperate.
3. More marketing brings higher prices.
The market value of your home has nothing to do with how many ads you run or how extensive your social media marketing is.
You may expose your home to qualified buyers but without the right price they will not be making an offer anytime soon.
Remember that real buyers are represented by an agent and have been pre- approved by a mortgage lender. Their agent will be sure to do their homework on any property that they are interested in and advise them as to the fair market value of the home.
They are representing their client’s best interests and will not let them overpay for the home.
The risk here is that the property may not appraise and they will not get a mortgage.
This will be due to a low appraisal value on the property. Overpricing wastes everyone’s time.
4. What about room for negotiating? Let’s go high
This is very common myth and if you set the price too high you will never reach a middle ground if you happen to get a low offer.
If the price is too high buyers will be lower or more realistic price be offered and the homeowner become offended and refuse to work with these buyers.
Negotiating is very important and your agent will price your home correctly leaving you some wiggle room. Trust their experience and let them guide you.
5. More Open house will bring high price
A common real estate myth is that an open house is a great way to sell a home and get a high price for it. Many seller want and expect their agent to do open houses every weekend and are under the false impression that this will bring in a higher price and sell faster.
In all the years I have been in real estate I have only sold 3 houses as a result of an open house and none of these resulted in bringing in a higher price than fair market value.
6. Let’s just wait for right buyer.
You just know that the one buyer is out there and if you wait long enough they will come. In working with buyers and sellers over the years I have heard many times that “oh well, I guess it wasn’t meant to be.”
They just have to wait longer for that one in million buyer that is not represented by an agent to come along and pay more that the home is worth.
An agent that represents a buyer’s best interest will be mindful of the price and ensure their client is making a sound financial decision and not an emotional one.
Even if buyers insist on moving forward with the purchase, unless they are a cash buyer, you run the risk of the home not appraising and the buyer not being able to obtain a mortgage.
Wouldn’t it be much easier to price the home correctly and sell it fast rather than constantly keep your home perfectly clean and staged for months so it would be ready for showings at a moment’s notice?
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