SCUDO Tips for Home Sellers: How to Tell if Your Home is Overpriced!
Home has a special place in everybody’s life. It is a place where emotional feelings and enjoyable memories take shelter. A home is a haven for a family, where members spend precious moments of their life under a reliable roof. No wonder, selling your home can be an emotional experience. The notion of selling one’s home is backed by sentiments and most Buyers are expecting a deal!
Some starting questions for home sellers are:
What price provides you a great benefit?
Is the price of your property appropriate?
Is your property overpriced?
These are some of the most common questions encountered by majority of the sellers. Mostly these questions pop up when your home is in the market for too long. While the first two questions are important, it is the third question that makes all the difference.
Tagging a right price on your home is a crucial decision. Being on the market for too long can make your home a stale listing. It will also feed unnecessary negative thoughts in the mind of buyers. An irrational price tag tends to hold your home for a long time in the market. It can also stigmatize your home and increase the chances of turning away buyers. An overpriced initial listing almost always results in the home not selling, or the home selling for much less than it would have if priced appropriately from the beginning.
Selling a home can become a tricky affair for a seller if the property value has depreciated. Proper consultation and research can provide a seller appropriate price that will magnetize potential buyers. While looking for a home, price of the property is one of the most important criteria in the mind of every buyer. You also need to assess if you, as the Seller, are getting a fair deal.
To find the answer to the above question, you can follow some guidelines. These will help you evaluate the price of your property and also in making a sound market decision.
Research recently sold property
A wise seller is the one who compares conditions, amenities and price of the recently sold neighboring property before putting a price tag on his own property. You will get valuable information that will reform your price assessment. Hiring a real estate agent is the best source to get precise and current information.
The real estate Broker can help you in conducting a genuine research and provide a comparative market analysis (CMA) so as to conclude proper price of your property. This research practice will help you determine a practical knowledge of the market and a sense of price that your property carries. These reports will give you the average days on market for homes in your neighborhood, the average price per square footage, and which homes didn’t sell, etc. You can also go through online research and extract information, like what your neighboring sellers are up to and what price and amenities they are offering. On the basis of this information, you can graph out how long it will take to sell a similar property and what price is offered by other sellers.
No buyers knock on your door for long
There can be lots of reasons for the ignorance by potential buyers. Generally, a new home in the market expects dozens of buyers. If your property is experiencing little or no traffic, then there is something wrong with the price, because EVERY home has a buyer at the right price. The presence of home in the market for too long makes buyers insecure about the property, they wonder that something must be wrong with the place, or what about it other buyers did not like. Slow traffic is your first red flag that the home is overpriced and needs to be adjusted accordingly.
Hire a knowledgeable real estate agent
A capable real estate agent can benefit you in many ways:
- By providing you with accurate and up to date data on the market
- By suggesting tips and strategies to get the best deal for you, as a seller
- By helping you with listing price
- By providing you a comprehensive market analysis in order to prepare a solid case to sell the property
- By helping you with negotiations
- By providing feedback from showings giving you insight into how buyers are viewing your home
You should keep in mind that agent with experience will attract dozens of a potential buyers!
Skip unnecessary upgrades and bring the price down.
Home is a place where you collect all your precious belongings and build things according to your own interest. But when it comes to placing your home on the market for sale, you should keep the interest and demands of buyers in mind.Walk through your home with a Realtor to determine what upgrades will provide the highest return on investment, and which should be skipped. In everything you do, remember that you are trying to appeal to a large number of buyers, be careful to keep things neutral and with mass appeal.
You and your loved ones have enjoyed many times in every nook and cranny of your home and those moments will always remain priceless. You deserve a profitable deal while selling your home! Right steps and proper planning will make a huge difference in the deal. Overpricing can decrease the value of your property, so it is important to check the market before you put a “For Sale” tag on your dream house.
Want tips specific to your Johnson or Jackson county home? Contact SCUDO today to meet with an Agent who will provide you with a complimentary home evaluation, and a checklist of suggestions to bring the greatest return on your property!