Pricing your home correctly is one of the hardest things to do when it comes to selling your home, especially if it’s a changing market—but it’s also one of the most important things. Pricing it correctly can make or break a home sale. That’s why I’m here today with some advice on how to price well and some common mistakes to avoid.
First, it’s very important not to get caught up in sentimental value. You made great memories there and those are valuable to you—that’s completely understandable! However, now it’s time to let another family make memories in the same home, so price it in a way that they can afford to do that.
Next, know that not all of your repairs or improvements will have a dollar-for-dollar return on your investment. If you spent $5,000 to get new flooring put in, that doesn’t necessarily mean that you’re going to get a full $5,000 back when you go to sell.
“Pricing your home correctly can make or break your sale.”
Thirdly, as prices fluctuate, it’s important to stay flexible. Sellers often overprice their homes because they think that’s going to leave some room for buyers to negotiate the price down, but that is a dangerous method. Oftentimes, the buyers will be scared away by the high price, and they won’t even come to see the house because they feel it’s overpriced. This is a very common mistake that you should avoid.
Plus, if you start with an overpriced house, you’ll end up chasing the market. Don’t live in the past just because your neighbor’s house sold for $40,000 higher. That was months ago, and things have changed. You shouldn’t price your house based on the past. Look at what’s current and move forward from there.
Now that we’ve gone over some of the things to avoid, what should you do? Here at Pretty Home Realty, we can help you do a comparable search, where we’ll look for homes that are very similar to yours that have sold recently, and then we’ll base your sale price around that.
If you’re interested in selling your home or finding out what your home is worth, give us a call or send an email. We can help you avoid costly pricing mistakes and set you up for success.