Over pricing your home could cost you more than you think.
So, you've decided to list your home. Of course, you want top dollar, but putting a large price tag on it could cost you time and money in the long run. Many homeowners rush to list their homes in hopes of receiving top dollar, but there are several key factors you must keep in mind. When an agent prices your home, they take many numbers into consideration that come from comparative market analysis from other recently sold properties in the area. This gives us basic averages of high to low, what price to list your home. When you decide to list your home above the agent's advise, a snowball of things begin to happen.
1. Your home sits on the market for an unneeded amount of time, causing you to pay additional mortgage payments. At a $1,500 mortgage and 5 months on the market, that's a whopping $7,500! That could be a down payment!
2. The longer you occupy your home, while it is on the market, you will be responsible for a larger portion of the property taxes at closing.
3. When a home is priced to high, getting it appraised is almost impossible. When this happens, the whole negotiation process has to start all over, you may lose out of pocket funds, or the whole deal may fall through! Your buyer, after a long anticipated 5 months, may walk away and buy a more appropriately priced home.
4. When listing your home, the first 1-3 weeks are the most crucial to advertising your home to potential buyers. If you price your home too high and need to make a price adjustment, you have missed out on your target market buyers.
In conclusion, it is vastly important to take the agents advice on the listing price of your home. The numbers that are carefully selected based on number of bedrooms, bathrooms, square footage, upgrades and amenities is what determines your exact selling price. Numbers don't lie! If you price accordingly you will reap the benefits of getting your home sold quickly and for maximum dollar! Contact Jared and Leah Ortega at Southern Charm Realty if you'd like a FREE comparative market analysis on your home to see what it's worth.