The Importance of Home Pricing

The Importance of Home Pricing

The Importance of Home Pricing

It cannot be stressed enough that the most important aspect of selling a home is to set the listing price according to what the current market will bear. A Realtor can spend thousands of dollars advertising your home through various mediums and techniques but if that price just isn't right they will receive nothing but low-ball offers or worse; no offers at all.

When most people purchase a home, they enlist the help of a Realtor in their transaction to look after their best interests. Just as the seller's Realtor should do a Comparative Market Analysis (CMA) before listing a home, a buyer's Realtor will perform the same function to determine if the home in question is in the correct price range, overpriced, or a complete steal. The buyers can then make an informed decision based on these facts and produce an offer that reflects the current market value.

Many people have a difficult time setting a price on their home as they are emotionally attached to it which is fully understandable. If a lot of time and work has been committed to improving your residence, you may want more money for your property. It is a common misconception that a home can be sold at price with all of the upgrades adding full value. While many upgrades will add value to your home, many do not and should be accounted for accordingly.

Home sellers can have hard time not to take it personally when their Realtor informs them that their house is actually worth less than they previously had in mind. But look at it from another perspective; if your home is overpriced, it can make similar homes in your area look like a good deal which in turn will sell these properties faster. With this in mind, your home can end up sitting on the market for an extended period of time.

The longer a home is on the market, the less bargaining power sellers will have with potential buyers. Not only that, but the amount of people coming to view the home will dwindle to a minimum and your property will ultimately end up going "stale".

There can be many other factors affecting the interest in your home such as decor, odour, paint colour, and overall condition, but ultimately price is the main culprit.

If you're curious to see what your home is currently worth, speak with your Realtor and he/she should be able to determine how much your home would sell for in today's marketplace.

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