Friday, 11 October 2013 18:03

Set The Right Price For Home Listings

Price Your Home Correctly

The price of your home is the main attraction. It is the main reason buyers flock to your home. How to price it correctly is a different strategy. A good start is to figure out how much you paid for the home. Another idea is to look at the current sales market in the area for a roundabout price. You and your realtor can figure out a reasonable price together. Is it all right to overprice, under price or remain at the chosen reasonable price?


Overpricing the home works well when there isn't enough homes in the neighborhood for sale. When there's no competition sellers can take advantage and charge more for their home. If you do overprice have a good reason why. Focus and emphasize on the amenities and perks that make it worth the extra cost. Mention any upgrades, new changes, home additions and the latest repairs. Another reason why sellers overprice is to make a profit. The risk of pricing a home too high (without reason or less competition) is buyers won't come. They will pass your home up, so over time you will be forced to lower it just to attract buyers to glance.

Underpricing the home works well when there's a ton of competition. The goal is to persuade buyers to look and purchase your home and low prices send buyers to your home in droves. The underpricing of your home starts a bidding war with other sellers in the area. The only winner in this battle is the buyers; they won't be able to make their mind up when there’s so many bargains. The seller will be short-changed but it's natural to accept lower or break even in this economy. On the bright side their home is sold and off the market. Another reason why underpricing works is it baits buyers in. A low price can rise into a price you want if the buyer is very interested in your home. However, if sellers push too much the buyer will drop the deal altogether.

It's important for home listings to have the price that relates to the market, the competition and buyers. The listed price will be the starting point in selling your home. As buyers browse the home and make bids, they will compare your home to other homes in the neighborhood. As long as the seller and realtor remain aware of market trends, what's sold and for how much the home will be sold in no time. Contact us for more information on home and price listings.

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