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How do I price my home correctly?
Sellers Answers
AVOID THE OVERPRICE MISTAKE! For sale by owner sellers often price their homes too high to start with, thinking "I will price it high and I can always lower the price later if necessary." This is a drastic mistake! Always try to price your property competitively in the beginning. If you overprice initially you will probably lose out more in the long run. Many who overprice their home for the start might be offered thousands of dollars less when it is finally sold. You have a better chance to earn more on your home if you price it competitive from the beginning. The reasons are simple.
1. A property will not sell QUICKLY if it is not offered at a competitive price.
2. Buyers will usually walk away from an overpriced home without making an offer.
3. After being on the market for a prolonged period of time due to overpricing, the overpriced property becomes “too long on the market” to home shoppers.
4. New prospects know how long a property has been offered for sale and, if more than a month or so, they may assume something is wrong with the property.
5. Finally, buyers at this late date, knowing how long a property has been for sale, assume the seller must be desperate and will almost always make very low offers.
Remember that most buyers are usually "market smart." They have already shopped around and THEY KNOW if your property is priced fairly and competitively. Don’t kid yourself, by "knowing how much your home is worth". Buyers WILL bypass your home and go on to find more fairly priced home. Buyers are more likely to make a reasonable offer on a fairly priced home and are likely to make NO offer on an overpriced home. Did you see that last point? Don't make the mistake of overpricing with the thinking that it will land you the best offer. More often than not, NO offer is given when a home is overpriced.
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