Getting the Price You Want for Your Home
It is a fact that the vast majority of homebuyers see the price of a property before taking a look at its benefits and advantages. This may come as a little surprising but think about it. If you were looking for a house would you bother to look at houses that were outside of your budget? In some circumstances buyers may see your home first but this is extremely rare so you have to make sure that your property is the correct price range to ensure that the number of views is maximized and thus working to your advantage.
The asking price of your property presents the very first impression that a buyer gets of your home. As such, it is important that it is a good one and so it is important to take a good look at your pricing strategy. If it is too low then buyers will presume that there is something wrong whereas if it is priced too high then they will immediately be put off and will move on to more reasonably priced similar properties. The information outlined right here will give you the knowledge base that you need to be able to understand how buyers look for a new home, why pricing is so important and how to make sure that you do not fall into the common pricing traps.
The first strategy to look at for pricing by sellers is deemed to be clearly overpriced. Although every seller wants to achieve as much cash as they possibly can for their home, this can actually elevate the price you are asking for to between 10% and 20% more than it is actually worth. Whilst this may sound good at first, the problem comes when buyers begin to look at your home because they will not pay over the odds when they do not have to. Instead, your home may end up on the market for months. In addition to that, it can prove to be annoying when any interest you get results in offers that are much lower than you actually want for your home. As such, this strategy is best avoided.
More than 75% of homes on the market fall into the second pricing strategy - somewhat overpriced. In many cases, these homes are also on the market for much longer than they need to be because the price is often the result of an emotional connection rather than a realistic one. Whether you have not looked at your home objectively or you have decided to overprice it so that you can negotiate down a little, you will still find that you have put your house on the market for longer than it needs to be on there.
Realistic analysis of the market and common sense dictates that you should adhere to the third strategy - pricing your home correctly at the current value dictated by the market. With the supply and demand as it is in the property industry right now, this is the most realistic and effective strategy because it will get your home sold quickly and easily. Remember to analyze the local market and recent patterns in it so you can come up with a realistic price.
Finally, you could choose to price your home below its market value. This is often done to achieve a quick sale or to attract buyers quickly. It can do just that and many homes priced like this do sell within days. However, you do not get out what you put in, which is the main disadvantage. Never do this until you have absolutely thought every aspect through. It may not always be in your best interests.
If at any time you have questions about selling real estate in Ulster County or the surrounding area, please don’t hesitate to contact Dylan Taft, Principal Broker/Owner, Taft Street Realty, Inc. - 845.687.9292 office or 845.380.3394 mobile.