Listing Price – Set It Right!

Of course you want the most money possible for the sale of your home.  So why shouldn’t you just list your home at the price you would like to get for it?  The fact of the matter is that could cause you to lose money in the end.  Here are a few reasons why it’s important to price your home right to get the best price.

Over pricing a home can lead to slower sales.  Today’s home buyers are savvy and shop the market.  If they perceive your home to be overpriced they will skip over it altogether.  Without much traffic your house will sit on the market longer.  Buyers will take that to mean there’s a problem with the home itself since no one has bought it and will choose to look at other homes instead.  Eventually you will have to drop the price, but with it being on the market so long you may not even get what your home is worth in the market when all is said and done.

You are in direct competition with your neighbors.  It’s easy to overlook the fact, after all you feel your home is unique.  Buyers might see it differently, especially if other homes in your area have similar layouts or features.  Your price is one of the first things that buyers are going to look at and use as a first impression.  If it is higher than similar homes in your area they are going to think your difficult or not worth their time to look at.  They will just go to the competition.  Similarly if you under price it you will get lots of response, but will lose money in the end.

Getting more money than the listing price is not common.  Many people think that they will list their house and get multiple offers which will start a biding war, making the price skyrocket.  While this has happened, it is not common and most likely will not happen for you.  The current average list to sale ratio for Hawthorn Woods is 86%.  Helen’s average is 98%.  The reason for these difference is because some agents “buy” the listing, pricing it higher just to get the listing with the intent to lower the price later when it doesn’t sell.  It’s important to have a real expert in your area and review the comps for yourself to see where the market is at.

Your house is only worth what someone is willing to pay for it.  It’s important to remember that the market determines the value and where your listing price should be set.  It’s a fine balancing act.  Be sure you consult a real estate expert.  You can also get a free home valuation at  Don’t forget to call Helen at 847.967.0022 or email [email protected] to get a free in home consultation.