How to Avoid Pricing Mistakes

How to Avoid Pricing Mistakes

Three things you should do to ensure you set the right price.

One of the most common questions I hear from sellers is: How can you price your home correctly in a shifting market? Here are a few tips on how to do that:

  1. Detach yourself emotionally from your home. This will put you in line with how the buyers in the marketplace will be valuing your home. Sentimental value does not translate to market value.
  1. Don’t overprice your home. When the market is shifting, you have more competition, and buyers are more discerning because they have more choices. Overpriced homes are the ones that get skipped. Statistics show that overpriced homes typically sell for much less than what they would have if they were priced correctly from the beginning.
  1. Pay close attention to comparables. When the market was red hot, a seller could sometimes price a home for almost whatever they wanted, and they would get some sort of response from the market. We now have to spend more time and be more careful with our understanding of comparables in the marketplace.

If you have any other questions about what is happening with the market or specifically with the pricing of a home, reach out to us by phone or email. We’re happy to help you.

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