Remember that house that you just fell in love with and could just picture all of your future family functions in?? Do you also remember that you saw the price and thought “It’s out of our price range! We would never be able to afford it!”
Well, that’s exactly what you’ll be doing if you price your house too high to sell.
People will look at other houses in your neighborhood and area and they’ll compare them to yours. If another house in your same price range has more bells & whistles than yours, what do you think a buyers feedback will be about your house? Likely, something along the lines of “Gosh I sure love this house but, for this price I could get X, Y & Z more right down the road!” And yes, they’re correct, they can.
If you price your home too high, chances are that you will end up in a bidding war with a buyer. You become offended by the persons low offer, they don’t want to pay more than fair market value, or close to it. You begin to go back and forth with the buyer and before you know it you’ve either sold your home at a much lower price than what you ever wanted to sell at or worse, you’ve lost the deal!
You want to price your house competitively but, not too high that you end up in a bidding war or worse, it won’t sell. So, be realistic about the price of your home and price it according to market value.
Previous Buying & Selling Post
25 Rules for Buying & Selling Real Estate Without Going Crazy – Introduction
If you would like a free copy of Donnie Keller’s book “25 Essential Rules for Buying & Selling Real Estate Without Going Crazy” call Donnie at 817-932-4900 or click here to e-mail him.