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The Importance of Pricing Your Home Right the First Time

Posted by VIP Realty on Thursday, July 14th, 2011 at 4:30pm.

The marketplace is full of properties that have either sat on the market for an extended period of time or have simply expired. And the number-one reason is because the home wasn’t priced right. One of the most important things your realtor can do is help you price your home right, the first time, and here’s why:
  • A Leon Valley home that’s priced right will sell faster – You may think pricing your home in a higher price range may fetch you more money for your home. Unfortunately, that’s just not the case. A home that’s priced out of its range will likely result in very few showings because it won’t be pooled in the same group as other homes similar to it. For example, if your home should be priced at $200,000, but you choose to price it at $250,000, potential buyers in the market for a home like yours will likely never see it because they won’t be searching for homes in the $250,000 range. And, the buyers who can spend $250,000 will likely pass over yours for another home that has more of what they are looking for. In other words, don’t bet on pricing your home high because it will likely backfire on you.
  • A home that’s priced right will generate more interest – If your home pops up on the market at a competitive price, you can bet it will generate a considerable amount of interest. A home that’s overpriced, on the other hand, will likely generate very little interest. Even if you choose to lower the price of your home a few weeks or months after it has been on the market, your property will likely become a “stale” listing; or one that has been passed over for months and is therefore no longer of interest to buyers or realtors.
  • A home that’s priced right will draw the right buyers – The last thing most sellers want to deal with are buyers who are out to fetch a bargain. If you fail to price your home right from the start, you will likely generate interest from buyers who simply want to lowball an offer your way. A home that’s competitively priced, on the other hand, will likely generate interest from serious buyers who are ready and willing to pay the asking price of your home.
 

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