| When you list your home for sale, a professional | | | | There are many factors why sellers overprice a |
| real estate agent will advise you on a listing price | | | | home. It may be the prime location, it could be |
| according to the market in the area that you live. | | | | that the seller needs to get out with some |
| If you are selling your home on your own, it may | | | | money in the pockets, but the market in the area |
| be a bit tricky to come with a realistic listing price | | | | is slow or down. It could also be that the seller is |
| to sell your home fast. When potential buyers are | | | | not well informed about real estate in the area, or |
| searching for homes, they will look in the price | | | | has no knowledge of the basics of selling a home. |
| range that they know they can afford. Most of | | | | Most activity occurs during the first month of |
| these home buyers are pre-qualified or | | | | putting a home for sale. If you overprice, you will |
| pre-approved, and they have a clear notion of the | | | | be missing a good pool of buyers, and your home |
| type of home they can afford. In reality, buyers | | | | will get stale in the market. In addition, consider |
| are the ones who determine a price in a particular | | | | that the bank will do their own appraisal of the |
| area, depending on the condition of the market. A | | | | home, when lending money to buyers. If your |
| real estate agent may suggest an asking price to | | | | home is overpriced, even if you have a buyer, |
| list the house, you set the price, but the buyers | | | | the bank will only lend so much, and the buyer will |
| are the ones who determine the selling price. | | | | have to come up with the rest - an unlikely |
| These days, buyers are more informed than in | | | | scenario. |
| previous decades. With the advance of | | | | It is better for you to be a bit under the ideal |
| technology and computers, buyers educate | | | | price that overpriced. At least if you are under, |
| themselves on the procedures of buying a home, | | | | you may get several offers and they could go up. |
| they search for homes in the internet, and they | | | | If you are not sure of how to price your home, |
| come prepared with an idea in price. If you set | | | | you can ask an agent for a free consultation. |
| your price too high for the current market, you | | | | Most are happy to do it, even if you are not |
| will scare buyers away. They will not even bother | | | | listing with them. An agent can only suggest a |
| to make you an offer since they think that you | | | | price according to the conditions of the market. |
| will not negotiate; they determine this due to the | | | | Real estate agents do not set prices; you do, as |
| unrealistic price they see. On the other hand, | | | | a seller. You can also see what homes are selling |
| when you price your home right, you will have | | | | for in your area, and use comparable homes to |
| many potential buyers wanting to look at your | | | | set a price. In an unstable market, like the present |
| home. The right price generates the right amount | | | | one, this is a bit hard to determine since prices |
| of traffic. The right asking price will determine if | | | | are all over the place. You may need to consult a |
| you sell your property in a desirable time frame. | | | | professional real estate agent for advice. |