Top 7 Mistakes When Setting the Asking Price for Your Home

If you plan on selling your home, you need to do a lot of research and ask for expert advice before you push through. Your old home or vacation home may have a lot of amenities but that should not be the only reason why you need to set it at a higher price. There are plenty of homeowners who go beyond the fair price just because they see more value in their home. Remember that buyers only pay for what they think your home is worth, and selling your home at a higher price may make it sit longer on the market.

So how do you know your home’s market value? How do you prompt potential buyers to make an offer? You might want to focus on these mistakes that you need to avoid when it comes to pricing.

  1. Setting higher rates on certain features

    Your home may have wooden installations, marble floors, or even glass windows or doors. But just because other properties on the block don’t have these key features, doesn’t necessarily mean that you set your price high. Remember that buyers focus on the location of a home first and they see those features and amenities as optional but a plus.

  2. Trying to get a return for money spent on fixtures

    Sellers usually want to have their money reimbursed for the improvements or fixtures that they have installed in their home. However, sellers should not focus on trying to get back the money spent on repairs and improvements prior to the sale. This tactic won’t help and if your price is too high for buyers, they will most likely skip your listing and move on to the next one.

  3. Not hiring an agent to help you sell your home

    If you plan on selling your home on your own, don’t expect your listing to be viewed by many. You need to consider hiring a professional that can help you set the ideal price for your home.

  4. Not focusing on improving and repairing damage

    Don’t expect buyers to close a deal if you don’t focus on improving your home or repairing damaged sections. Buyers will most likely offer you less and usually ask credit for the repairs. If you’d like to know where you can have your house improved or repaired, you can visit this website to check awesome reviews of construction companies.

  5. Letting your ego win during negotiation

    Sellers usually end up making emotional decisions instead creating a win-win decision for both parties. Try to focus on achieving your goal for this business transaction by not letting your ego get in the way.

  6. Not listening to what the market is telling you

    With the new homes that are up for sale in the market, you might want to consider tweaking your listing and pay close attention to what the market is telling you. If there is any feedback about your home, take the time to focus on it and find ways to improve your listing and make it appealing to the eyes of those who are interested.

  7. Mispricing the overall value of your home

    Not everyone knows how to price their home and overpricing or underpricing is a mistake that you should definitely avoid. The best thing you can do here is to examine and understand why other homes are sold faster compared to yours.

Posted On 03 Aug , 2017

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