Pricing your home for a quick sale!

If you are a home owner looking to sell your property I’m sure you would like a quick sale. No one wants to have their house on the market for months on end showing it time and time again.
One of the most sure fire ways to sell your home quickly is to price it right. Often times I hear sellers say “I will price it a little higher and let them talk me down” or “Lets just price it a little higher to see if anyone will bite”. I want to tell you that as a home owner you are doing your self a disservice. I have seen what happens when home owners insist on over pricing their home and it usually ends up aggravating everyone involved in the transaction.
By over pricing your home you drive away a lot of would be qualified buyers from looking at your home to start. Then if you do get a qualified buyer to to take a closer look he/she is now comparing your home to others in that price range and they will quickly make the comparison that yours is over priced.

As a home owner selling your property you are going to get the most buyer activity in the first 3 weeks and then it will drastically drop off. If you have not received an offer in the first 3 weeks and you have had buyers view your home than you seriously need to reconsider your price.

Last and most importantly is the appraisal. You may have a qualified buyer like your home and even be gullible enough to pay too much for it but as soon as Mr./Mrs. appraiser comes out to place a value on the home you may quickly find out that the offer you accepted is not worth the paper it is written on because the bank will not lend on the property because the loan amount will be greater than the house value. Banks will not lend more money than the home is worth because if they end up foreclosing on it than they will have a loan and not enough collateral.

Moral or the story: Price your property properly so that you will attract the most qualified buyers in that price range.  When you bring in all of the most qualified buyers in that price range you will have a greater chance of accepting the best offer during the peak activity of the first three weeks and most importantly the bank appraiser will not kill the deal a month down the road.

If you have any more questions about pricing your property so that it will sell please email me at frank@realestatefrank.com

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