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Selling a Home:
Pricing your Home Correctly

When you decide to sell your home, you of course want the highest return from its sale. Determining your "asking price" is the MOST important step in preparing your house for sale. Marketing and advertising can’t overcome a price that is too high for the current market. 
It’s pretty clear that pricing your property too low won’t provide you the best return. You will probably be overwhelmed with lookers and may get many offers, but you could lose thousands of dollars on your family’s largest investment.
On the other hand, pricing a property too high holds its own risks. Homes that are priced too high miss their target market. Qualified buyers who might find the home just right for their needs won’t see your home, or make an offer on it, because it is out of their price range. If they are shown a home that is overpriced when it first comes on the market and do not buy because they feel it’s not a good value, they’re not likely to revisit the home once the price is lowered (they’ve already eliminated your home as a possibility). Real estate agents are unlikely to show a house that is overpriced unless, unfortunately, it will make a competing property look like a better value. This is not the type of exposure you want your home to receive.
Some home sellers will take the "let’s try it and see what happens" approach. They may feel that they can always decrease the asking price if they are not receiving offers. But testing the market in this manner can be dangerous. If you overprice your house initially you will probably lose out in the long run.  A property receives its best exposure during the first three to five weeks after it is listed. After this point, many agents lose their enthusiasm as other new (and possibly better valued) listings come onto the market. Some home sellers forget that they have quite a bit of competition and that today’s buyers are generally very well informed consumers.
If your home is priced right from the beginning, you have the best opportunity of reaching the most qualified buyers. Buyers who have seen homes in their price range are just waiting for the “right” house to come on the market. This is the reason why a well-priced home often sells quicker. You want your home to be viewed in this manner for the highest return on your investment.  It is important to realize that property value is not determined by what the seller has invested in the home, nor by what they need to receive from the property.
Throughout the country, Multiple Listing Association statistics show that the longer a property is on the market, the lower the selling price. The home becomes "stale" and a price reduction results.
Pricing a home is partially an "art" combined with the finely tuned "science" a real estate professional acquires with experience and knowledge. Unlike math where 2 + 2 always equals 4, in real estate there is no certain conclusion. All transactions are different, and because of this, you should do as much as possible to prepare your home for sale.



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