Anyone in this industry will have heard time and time again that the seller wants too much for their home, but that’s our job to help point the serious vendor in the right direction, and by pricing the property correctly the first time, will bring results.
All buyers know what the current market is like; it’s easy to do the research. However I have heard a few comments that make me smile, like “I’ve based my marketing price on what I feel is right.” I could easily see this comment was made from the home owners heart, after many years of memories made in the house and the many days, weeks, months and years its taken to grow that beloved Jacaranda tree! “No-one else could possibly know the true worth of my home,” said this hopeful homeowner. Reality is, you need to put those memories aside and treat this as a business deal.
When buying anything, you yourself know what prices are in general and wouldn’t pay more than the going rate. This is the same when people are shopping for homes. They educate themselves on the “going rate” and are not prepared to pay over the odds. The property’s listing price should be based on hard facts, like location, square meterage, and what else is on the market around you that is comparable to your home. You can’t let emotion cloud reality. Call in a professional Real Estate Agent for guidance; it won’t cost you anything for advice.
“Selling a home is all about making a profit right?” Not always! Pricing your home based on what you paid, plus a little extra for profit sounds good, but isn’t usually going to happen in today’s market. Prices proved to have gone up slightly, but that doesn’t mean everyone that sells, will make a profit. Again, what you want to achieve and what the market gets you can be two different things. You need to be sensible, and remember reality is what a buyer is prepared to pay, based on what’s currently selling around you.
“I’m not in a hurry to sell, so we’ll price it higher than the others.” Says Mr. & Mrs. Seller. That’s wonderful you have time on your side, but if the property is priced too high, what will happen is, it becomes stale on the market and buyers will get used to seeing it for sale, and come in with an even lower offer than what you would have received if it had been priced right at the beginning. In the end you’ll probably have to reduce your asking price by a greater amount, thus making you look desperate as a seller.
Staying current, and being realistic doesn’t mean you’ll have to “give your home away,” it just shows a buyer how up-to-date you are about understanding your local property market!