When listing your property for sale, it is crucial to get the highest return on your investment. To do this, you must also consider the time it takes to sell real estate. Getting the most value for also requires reducing the amount of time your property spends on the market. MLS research demonstrates that the longer a house is listed for sale, the lower the final sale price. Because of this, it is important to accurately price your property from the start. However, pricing your property correctly is only one part of the equation. When selling real estate, it is also critical to make sure your home stands out from the competition.
Avoid These Pricing Pitfalls
There are a number of risks involved with inaccurate pricing, especially when pricing above market value. The most common mistake real estate sellers make is listing a property too high because then its listed out of the price range for most buyers. For example, listing a home at $451,000 will prevent prospective buyers with a budget of $450,000 from even knowing the listing exists. However, another problem this causes is buyers with a higher budget may consider your home a bad value if it is listed too high. Finally, pricing a home too high can cause the property to sit on the market longer. This often means the home will sell for less than asking price while the owners absorb the continued costs of ownership.
Pricing Control
When pricing your property, a combination of factors both in and out of your control will determine the listed value. While you can control the conditions of the sale, the condition of the property, and ultimately choose a price to list your home, you cannot control the location or the other competition in the area. Additionally, market conditions will have an immense impact on pricing. Working a with a real estate agent can help you better understand these factors and price your home accurately.
Pricing Your Property Correctly
By analyzing the current market, including the listing and final sale prices of similar homes, your real estate agent can help you get the most value out of selling your property. Plus, realtors can create a marketing plan that will help you target prospective buyers while aligning the price to fit your current budgeting goals. Finally, real estate agents can also show your property to other agents to get feedback on the price as well as the property’s presentation. This will ensure you are pricing your property correctly within the current housing market.
Pricing your property correctly the first time will help you sell your home in less time and receive the highest return on the investment. Fill out a contact form today to be connected with an experienced Colorado real estate agent!
