So you have decided to sell and now have to determine an asking price. Unfortunately this is the one area which tends to cause the most distress and can have the most detrimental effects on the sale of a house if not done correctly. Sellers should always enlist the help of a professional REALTOR® when selling their home to help them to avoid making a critical pricing mistake. See below for the most common mistakes sellers make when pricing their homes:
- Making it personal: Often sellers have an emotional attachment to their homes as there are memories and good times associated with living there. Thus, a seller’s value is often confused with their perceived value (not the actual market value). Be sure to get professional advice on pricing, so that you don’t put a ‘personal’ price tag on your home and not a proper market value price.
- Ignoring research: Your REALTOR® should provide you with a competitive market analysis (CMA) that helps determine a fair and equitable market value for your home. Ignoring this research can be detrimental. The research shows recent c comparable sales and comparable listings and is based on your current local market. This is a very good indication of where your home should be priced. Be sure to consider the research and rely on it when pricing your home.
- Choosing the highest price: When you interview prospective REALTORS®, be sure to carefully consider the listing prices they suggest. Although it is tempting to go with the REALTOR® that suggests the highest price, this is often the worst choice for you. Make sure that you choose the REALTOR® that can back-up the price they suggested with really strong comparable listings and recent sales in your local market.
For any real estate assistance in the Oakville, Burlington, Milton area contact Mary at firstname.lastname@example.org