Pricing your home can be a tricky science sometimes. There is a lot to consider such as the updates you’ve done, the neighborhood you live in, the size of your home and the location. What the value of your house looks like on paper might not always match the market value of your home. Ultimately the market is going to determine how much your home is worth. If you’re thinking of selling your home in the near future, you should be aware of the common pricing mistakes you’ll want to avoid if you want to sell your home successfully.
Pricing it too high from the start: Don’t make the common mistake of starting the listing process with the mentality of “we can always lower the price later.” Statistics show that homes priced correctly when they first hit the market sell closer to the asking price than homes that start out too high. It’s also common for sellers to want to price their home slightly higher than what they want to get as a final sales price. The problem with this thinking is that the higher you start, the smaller the pool of interested buyers is going to be. Buyers willing to pay what you really want for your house might not even see it because it’s just over their budget at the price you have it listed for, when in reality, they can absolutely afford the price you really want to get. Your home also might appear as “over-priced” when you first list it for sale. Would you rather have potential buyers think: “That home isn’t worth that much, they’re crazy!” and try to negotiate your price down or “Wow! I love this house, I have to get it before it’s gone!”
Not basing your price on recently sold homes nearby: The best way to determine the value of your home is by looking at what the market is like in your surrounding area. Make sure you’re looking at similar homes that have already sold and taking their sale price into consideration. Other factors you’ll want to consider are how many days those homes were on the market, what their original list price was, as well as the location and condition they were in. You can adjust your price accordingly to prevent listing too high and missing out on potential buyers.
Refusing to negotiate: There should be some flexibility in your final sale price when you list your home for sale. If you are set on a specific number and won’t budge when your listing isn’t getting any action, it’s not likely that your home is going to sell for the price you want. After all, the market ultimately determines the value of your home, not what you think your home should be worth. Talk with your Real Estate Agent about the current market and stay up to date on what is happening in your area. Consider setting up a pricing plan before listing your home for sale so that you have a strategy in place to adjust the price if needed. The longer your house sits on the market, the less desirable it’s going to look to the buyers who are out there.
If you’re thinking of putting your home up for sale and want to know the realistic market value, I’d be happy to put together a market analysis and chat with you in more detail. It’s my goal to educate you and set you up for success so that you don’t make any of these common pricing mistakes. When it comes time to decide on your initial list price, remember not to price it too high from the start, make sure you’re looking at recently sold homes nearby, and understand that you will probably have to negotiate. By following these guidelines, you will position your home to attract the most buyers when you put the For Sale sign in the front yard!
Lifestyle Homes By Kim
Keller Williams Realty
Make your desktop background both PRETTY & HOME-Y every month of the year! To add this to your desktop, right click on the background image you like best, click save and then go add it to your desktop! Happy New Year friends!
Stop here for your *Shelter in Place* date night ideas:
Staying in for date night can be just as fun as going out! Tell me which one you’re trying first!
- “Insert your last name” Coffeehouse – Light a candle, turn on some Jack Johnson radio, pour your mugs of coffee and sit down at the table together (sans TV). Pretend you’re out at a coffee shop and chat about things like favorite vacations you’ve been on, the first place you’re going for dinner as soon as this is over, and home features you want in your next house (that you’ve realized since being quarantined!
- The “At Home” Drive In Experience – This one is perfect for those of you with kiddos (or not)! Pop some popcorn and grab some movie snacks, get your laptop and head for the car. Pull it into the driveway and watch a good, suspenseful movie on your laptop (of if you’re really fancy, maybe you have a projector to put it on the house). PS: Get comfy – don’t forget the blankets and pillows. This one feels most like you’re out on a date (and if you have kids, bring the monitor with you).
- Game Night – Mix up your favorite cocktails – spicy margaritas, old fashioneds, French 75’s, whatever sounds good – and get out the games. Whether you play an old school round of Battleship or race each other in Mario Kart, a little competition is always fun!
- His & Hers Double Feature Movie Night – Uncork a bottle of the good wine you’ve been saving for a special occasion (this IS a special occasion)! You pick a movie they’ve never seen, then they pick a movie you’ve never seen and watch them back to back! OR you can each pick your favorite movie of all time. Don’t forget to turn your couch into a SUPER couch! Get all the pillows and blankets and get SUPER comfy!
- Cooking Class – Put on your aprons, get out your fanciest wine glasses and get cooking! Pick a favorite recipe to create, do a wine tasting with a few smaller dishes or try a brand new recipe you find on Pinterest.
- Virtual Vacation – Plan your dream vacation. Where would you go? Look up hotels, restaurants, things to do and plan out the vacation as if you were going. Look at pictures and plan your itinerary! Maybe you can actually take the vacation once this is over!
- Get Outside and Pack a Picnic (for the backyard) – Go on a nice, long hike and when you get back, lay out a blanket and have a picnic in the backyard. Pre-make some yummy sandwiches, your favorite chips, and chocolate chip cookies for dessert! Or make it fancy with a variety of cheeses, meats, grapes and champagne.
- Netflix and Takeout – Okay, maybe this one isn’t that “creative” but it’s always fun! Order takeout from a local restaurant offering curbside pickup and binge watch a new Netflix show OR a classic like The Office.
- Painting and Pizza – Time to spruce up a room in the house or ready for a change? Relive the day you moved in! Have pizza delivered, drink wine out of plastic cups and get to painting that accent wall in the Master bedroom or freshening up the laundry room that’s looking a little dreary. Blast your favorite Spotify playlist and talk about when you bought your house and reminisce about how excited you were to tackle home projects. What projects have you tackled? How long have you lived there? What memories have you made since moving in?
- Go for a Drive – Pick a nice, sunny day to go for a drive. Pick up coffee from a local spot offering curbside takeout. Drive out to a scenic spot, explore a new city, or drive through a place that brings back memories! Pack a lunch to go, play some music and have fun!
Now tell me which one you’re doing first!