8 Mistakes When Pricing Your Home for Sale

Picking the wrong asking price for your home can cost you a lot of money. Here are nine don’ts when coming up with your number:

Don’t assume your house is worth the same as your neighbor’s

Your neighbor’s home sold recently, but it has a pool, an updated kitchen, and a cracked foundation. Your house doesn’t have a pool, doesn’t have a cracked foundation, and has an extra floor. Comparing the two just won’t work.

Don’t go way back in time

Real estate prices can move up or down quickly. Old sales have little to do with the amount you should ask for your home today.

Don’t look far away

A recent property sale that has the exact specifications as yours doesn’t mean much if the home is in a completely different neighborhood. Sometimes property values can even vary from one block to the next.

Don’t put a price on your memories

No buyer will pay more because the house was your first, your parents’, or where you raised your children.

Don’t start high to allow room for negotiations

Most home seekers don’t want to deal with unreasonable sellers, which is what they could think if you price your home too high. You may eventually have to lower the price below what would have attracted an offer if you had started out with a reasonable number.

Don’t think buyers will understand your financial goals

You may want to net a certain amount from the sale of your home to buy another property or pay down debt; unfortunately, that doesn’t matter to buyers.

Don’t assume your upgrades have a dollar-for-dollar return

A remodeled kitchen boosts your home’s value, but by how much? It could be more or less than you paid.

Don’t rely on unreliable sources

You can find websites that tell you how much your home is worth. Look closely at what they say about their accuracy, though.

What should you do? Hire a REALTOR®. A REALTOR® has the most accurate data for your current market and the aspects of your property that can affect your asking price. Together, you can come up with a pricing strategy for a successful sale.

Selling your home? Start here!

Whether you’re selling your home for the first time or the fifth, your goals stay the same: Attract buyers and secure a good sales price. Take these simple steps to reach your home-selling goals.

Price it Right

A REALTOR® can access reliable market data to help you determine the right price for your home. And when your home is priced properly for the market, you will get more interest from buyers. A home priced too low for the market may mean a quicker sale, but it also means you’ll be missing out on extra cash. Finding the sales price sweet spot is how you’ll meet your goals.

Make it Look Nice

You might be surprised at how many sellers don’t de-clutter or make basic repairs before listing their home. Even in a seller’s market, buyers won’t make it past your listing photos if they are less appealing than others. Simple changes—like potted plants on the porch and a new coat of paint for the front door—can help make your home more marketable. Talk to your REALTOR® about what appeals to buyers in your market.

Be Flexible About Showings

A REALTOR® will try to accommodate your schedule, but you should be realistic about having potential buyers see your home. Weekend and evening showings are helpful for prospects with a 9-to-5 job. And if your area attracts people relocating, they might only be in town for a few days with a compressed schedule. Most important: Give buyers space. It’s hard to get a feel for a property when an anxious seller is following you around during a showing. Your REALTOR® can help you meet buyers’ showing expectations.

A REALTOR® can help you market your home effectively to attract buyers and secure a good sales price.