In the Market or On the Market?
So here’s a question to potential or current home sellers… Do you think it is better to have your home placed “in the market” or “on the market”?
Are you Selling or are you Staying?
Asked another way… Do you think it is better to have your home placed “in the market” or “on the market”?
The simple fact is, price is the number one factor that helps homebuyers determine which home they even want to take a look at.
And it’s important to remember that, although the price is set by you, the value of your home is determined by the buyer.
Try to avoid allowing your enthusiasm to impact your better judgment – overpricing is a common mistake that can cost you in the end.
Factors that affect your asking price:
- How quickly you need to sell
- The amount of competition in your price category and area
- The availability of affordable and flexible financing
- The sale prices of similar homes sold in your area during the past six months.
Facts that should NOT affect your asking price:
- The original cost of the property
- Any investments you’ve made in improvements
- The cost to build your home today
- Emotional attachment
- The opinions of friends and neighbors
Here are some problems that can arise when you overprice:
- You might actually help sell similar homes that are priced lower
- Your home may stay “on the market” longer
- You could lose market interest and qualified buyers
- You might create a negative impression of the property
- You could lose money by making extra mortgage payments while incurring taxes, insurance, etc., even unplanned maintenance costs
Pricing your home is both an art and a science.
Pricing it right or “in the market” , says you are definitely selling.
Pricing it too high, or “on the market”, means you could be staying.
So, which is it? Are you selling or are you staying?
Hope you found this helpful…Check out our website for more real estate marketing tips!