We have mentioned many times in our previous articles about how important pricing your home is but let me give you a little tip that may help you sell your home for more.
Tip #1 – PRICE YOUR HOME ACCURATELY
Once you know what your home is worth, now is the tricky part. Setting the selling price. If you set it too high, you will get less visitors to see your home. If you set the price too low, potential buyers will be suspicious and think something is wrong OR think you are desperate to sell and try to negotiate you down even further. The trick is simple, price it accurately the first time and within a few thousand of where you want the home to close at. Ultimately, there will be more offers and less negotiating on the price.
Doesn’t sound like much of a trick? Well you’d be surprised at how many real estate professionals have NOT figured that one out. Let me share with you a dirty little secret. There are a lot of Realtors that will tell you that your home is worth more than it is in an effort to win the listing. They lead you to believe you can sell for more if you list with them knowing full well that they are going to convince you to lower the price after a few weeks of no offers. The real problem is the longer your home is on the market, the more desperate you become and the more potential buyers will try to negotiate with you even more. In the end, you the home seller always lose but that shady Realtor still gets paid.
Tip #2 – PRICE YOUR HOME PRECISELY
Ditch the three zeros at the end of your sales price and use a more precise figure. A research team at Cornell University found that home buyers will pay more for a home if its listing price does not end in all zeros. If your home is valued at $255,000 try listing it at $254,500.
I recently read an article in the Washington Post that covered this very idea. Here’s the condensed version:
Washington Post- Researchers (at Cornell University) say sellers make more money if they price their home at $325,425 rather than $326,000. … Results were confirmed by examining 27,000 transactions in two markets – South Florida and Long Island, N.Y. In South Florida, having three zeros at the end lowered the selling price by 0.73 percent. … According to the authors, if there is one house with a list price of $485,000 and another with a list price of $484,700, “our results suggests the the house with the more precise list price will sell for about $1,380 more” than the house with the three zeros.
If you are interested in selling your home quickly, remove your personal feelings from your pricing strategy, get a house value report for your home and price your home precisely.
Above article provided by Texas Home Central
Tags: Home Pricing, Pricing
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