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Selling your home is a big deal, but it doesn't have to be an impossible challenge. If you're thinking about moving, our real estate agents can help you avoid bad pricing advice that can keep your home on the market way too long. Take a look at six common pricing mistakes you should avoid.
Price Your Home Without a Market Analysis
Pricing your home so it's comparable to prices of other homes in your surrounding area is an important sales tool. A good real estate agent will do a complete comparative market analysis (CMA) and spend a lot of time researching homes for sale and comps in your area. When a CMA is done correctly, your home should sell relatively close to the listing price and within a short amount of time after it hits the market.
Price Your Home High When You're Not in a Hurry to Sell
If you're not in a hurry to sell your home, it's okay to take your time but you should keep an eye on the real estate market. Pricing your home at a high listing price can deter potential buyers who are ready to make a move. If your home sits on the market too long, buyers will notice and start to make lower offers. If the market slows down, you may be forced to accept a low just offer because you waited too long.
Price Your Home High So There's Room to Negotiate
Buyers looking for Southport homes for sale are pretty savvy about desirable neighborhoods and homes with water views, large yards, and great amenities. They have also done their online homework to find available properties and prices that fit their lifestyle. Pricing your home too high so you have room to negotiate is a huge mistake. Savvy buyers know when a home is overpriced and usually won't waste their time to negotiate a lower price.
Don't Negotiate Any Lowball Offers
If you get a lowball offer on your home, don't feel insulted and just walk away. Although the offer may seem ridiculous to you, the buyer may just be testing out your reaction. When a buyer makes an offer that's way below the asking price, it doesn't mean they can't afford to buy the house. Buyers often do this to create a low starting price, then negotiate up from there hoping you will make a counteroffer that's lower than the original asking price.
Add the Cost of Home Renovations
If you have made a lot of costly renovations to your home over the years, you may feel like you need to recoup those costs when you sell. The truth is, buyers may love the new marble kitchen countertops, the outdoor deck, and the backyard gazebo, but that doesn't mean they want to pay for them. According to Remodeling Magazine, sellers only recoup about 60% of renovation costs, so don't count on extra profit from your home renovations.
Price Your Home Based on Personal Feelings
If you're like most homeowners, you likely have a special connection to your home, especially if you've lived there a long time. It's normal to develop an emotional attachment to a home that's been your family's sanctuary, but don't make it personal when it's time to sell. Your home's listing price should be based on facts like square footage, amenities, and neighborhood comps. To get the best price when you sell, think of the sale as a business transaction.
Are you thinking about a move to Southport? Contact us so we can help you find the home that's a perfect fit for your lifestyle.