Pricing Your Home for Sale
When you’re selling your home, the price you set is a critical factor in the return you’ll receive. That’s why you may need a professional evaluation from an experienced Real Estate Agent or at a minimum, a Comparative Market Analysis. In additional to reviewing objective sales history, you will need to consider the following items as well.
- Mississippi Market conditions
- Condition of your home
- Repairs or improvements
- Selling timeframe
In real estate terms, market value is the price at which a particular home, in its current condition, should sell within 30 to 90 days.
If the price of your home is too high, this could create several negative effects:
- Limits buyers. Potential buyers may not view your home because it appears to be out of their buying/price range.
- Limits showings. Buyers Agents may be more reluctant to show your home to their buyer.
- Used as leverage. Other Real Estate Agents may use this home to drive the sale of other homes that are better-priced.
- Extended stay on the market. When a home is on the market too long, it may be perceived as defective. Buyers may wonder, “what’s wrong,” or “why hasn’t this sold?”
- Lower price. An overpriced home, still on the market beyond the average selling time, could lead to a lower selling price. To sell it, you will have to reduce the price – sometimes several times. In the end, you’ll probably get less than if it had been properly priced in the first place.
- Wasted time and energy.
Real Estate Agents have known it for years – well-kept homes that are properly priced in the beginning always get you the fastest sale for the best price!