As a real estate professional, I see many sellers make the same mistake when it comes to pricing their property and it can be a costly mistake.
Here are some common mistakes sellers make when pricing their home to go on the market.
Overpricing is the biggest mistake sellers make is thinking that their property is worth more than it actually is.
Overpricing can be due to emotional attachment or lack of market knowledge.
Overpricing your property can lead to long periods on the market, lower offers, and missed opportunities to sell.
Another mistake is Ignoring market conditions. Real Estate markets are constantly changing. That is why it is so important to know what is happening locally in your area.
I also see sellers Not considering their competition. Take a look at what surrounding properties in your neighborhood are selling for. Be sure to look at condition, upgrades, age, lot size, views and the like. This will give you a good idea of what buyers are willing to pay for a property like yours.
Not factoring necessary repairs If your property needs repairs or upgrades, it is important to factor that into your asking price. Buyers will expect a lower price if they know they will have to make repairs after they move in.
Bottom line, the key to successful pricing is to be well informed of your market area and conditions and understand the competition to avoid costly mistakes.
Contact us at 619-851-6028 so we can give you a complete analysis of the market and your home value.
Betty Torano with Big Block Realty.
Keeping It Simple, Keeping It Real
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