PRICING GUIDELINES
Perhaps the most challenging aspect of selling a home is listing it
at the correct price. It's one of several areas where the assistance
of a skilled real estate agent can more than pay for itself.
Too High Can Be As Bad As Too Low
If the listing price is too high, you'll miss out on a percentage
of buyers looking in the price range where your home should be. This
is the flaw in thinking that you'll always have the opportunity to accept
a lower offer. Chances are the offers won't even come in, because the
buyers who would be most interested in your home have been scared off
by the price and aren't even taking the time to look. By the time the
price is corrected, you've already lost exposure to a large group of
potential buyers. The listing price becomes even trickier to set when
prices are quickly rising or falling. It's critical to be aware of where
and how fast the market is moving — both when setting the price and when
negotiating an offer. Again, an experienced, well-trained agent is always
in touch with market trends — often even to a greater extent than appraisers,
who typically focus on what a property is worth if sold as-is, right
now.
Agent Education, Experience Critical
When working with a real estate agent, it's critical that
you have full confidence in that agent's experience and education. A
skilled, knowledgeable agent should be able to explain to you exactly
why your home needs to be priced at a certain level — compared to recent
listings and sales of homes similar to yours. Experienced agents also
know exactly what the current pool of buyers are looking for in relation
to particular styles and price ranges of properties. A skilled agent
can recommend changes that will enhance the salability of your home,
thus increasing the price — and/or decreasing the length of time before
a sale.
Little Touches Can Generate Big Returns
Some of these changes may be cosmetic, involving literally
no expense on your part. It might be as simple as moving out some of
your furniture and adjusting window coverings to best display desirable
qualities of the home. Other changes might demand an investment, but
the cost will likely more than pay for itself in the final sales price
or timeliness of the sale. It's critical to keep all these aspects of
pricing in mind, regardless of whom you choose to list your home. |
