Selling 101: Most Common Pricing Mistakes When You're Selling your Property
If you're selling your property for some time now and it hasn't be sold yet, it is likely due to several factors. Most homeowners get the pricing of their property wrong because they choose to rush this part of the process. If you do so, you’ll likely end up over-pricing or under-pricing your listing.
Whether you have an agent or you're listing your property on your own, learning how to price a property can be challenging. Here are the most common pricing mistakes you should avoid to get the best possible return of your investment.
The Season Will Likely Affect the Price
In the majority of the US, spring is considered as the best time to sell a home. It's because the weather is excellent and families are considering moving during the spring break from school. However, take into consideration that while most buyers are out in droves during springtime, bidding wars and competing offers can also be common. Thus, there's a risk that you might underprice your listing.
Although the best time to sell real estate may vary from city to city, autumn is the second-best time to do it since most people just got back in town from summer break. Winter is probably the slowest season since the weather is terrible and people are busy with the holidays.
Emphasis on Square Footage
Some people think that a larger home would generally cost more than a smaller one, but this assumption isn't correct. The quality of the square footage usually counts more than the quantity. Interested buyers will be more than happy to pay for a home that's filled with quality finishes and upgrades. However, if your home needs a lot of renovations and cosmetic work done, it will likely end up being discounted.
Another factor that you need to consider is your property ’s above ground and below ground space. An above ground space will always be worth more especially if it doesn't have a walk-out. Therefore, it's crucial to know how much of your property's space is lying above ground.
Difference in Location
Another common mistake most homeowners make is ignoring the difference in location. The location will always have a significant impact on the market value. Therefore, ask yourself these essential questions:
- Is your home located in a busy or quiet street?
- Does your property stand in a popular or less popular district?
- Is your property a corner or a more traditional lot?
- Does your home stand next to an apartment building?
- Does your listing have convenient access to dining, shopping, and other recreational amenities?
Asking all these location-related questions will guide you in coming up with the right market value to your real estate property.
Being Open to Negotiation
Being fixed on the asking price and other factors can cost a seller to lose a sale. Having a full asking price for your listing means it will probably be around in the market longer. Therefore, decide if it's really worth it. After all, having an overpriced property can scare away potential buyers. Sometimes, making a few concessions on the asking price makes it easier for you to close the deal.
Consider how quickly you want to sell and how much money do you want to get out from the property. It will help you decide whether or not you'll be open to offers.
Using Quality Photos
Many people search for a property online before deciding to continue with a transaction. Sadly, too many listings out there are facing common problems: either there are no pictures of the listing or they’re using ones that are of terrible quality.
Using really good photos to showcase your home and its surrounding grounds can make an excellent first impression to prospective buyers.
Taking the Agent’s Insights into Consideration
To help set you on the right path in establishing the correct asking price for your property, choose a realtor that will be an excellent match for you. An expert with reputable experience in rent appraisal is essential. They will have access to extensive information and resources a typical homeowner does not. Moreover, they will assess your property based on facts and figures. They will provide unbiased insight when it comes to the local market and its trends, your home's features, and more. As a result, they can sell your home at a higher price in just a short period of time without or with significantly fewer issues.
The whole process of selling your property can have many twists and turns. That's why it requires smart decision making on your part to avoid these possible pitfalls.
Setting the correct price for your listing and avoiding these common mistakes when selling your home will attract the right buyers. Thus, you will be able to sell your property at the best possible price.