3 Pricing Myths When Selling Your Home
1. I want to be able to negotiate so I'm going to ask WAY over my bottom line
If you're a serious seller, price it to sell from the beginning. This is one of the biggest mistakes sellers make, even in a limited inventory market. You list it too high, after 45 days you're beginning to wonder why it's not selling...around the same time potential buyers are wondering what's wrong with it because it's been on the market too long.
You're also eliminating buyers who are searching within a certain range, they might be in your bottom line range but are out of your priced too high range. Now if you're just dipping your toe in the water and don't care if it sells, ask what you will. But if you want/need to sell, don't waste time and price it right from day one.
2. I spent $75k on my pool, that's why I priced it $50k higher than all the comps
No. Your pool is probably a beautiful work of art, but you very likely won't get that money back because you overspent. Same goes for high end appliances, fancy fixtures, or special landscaping. Ovens cook food, trees are trees. Could it help catch the eye of a chef or garden enthusiast? Possibly. Does it justify a much higher than comparable sale price? No.
3. I want to run ads in all the local newspapers, an open house every other week, and mailers sent out
You could do all that and more, and if it's not priced right it won't matter. Guess what, buyers are shopping online. According to NAR 2015 stats, 88% of buyers shop online- get your listing online and you've covered most of your bases.
Can you do the open house, mailers, etc? Sure, but with 88% of buyers looking online, maybe try that first. How do I get online? Get in the MLS and it feeds to all the sites those 88% of buyers are on. Even SMARTER? List your home with LISTED realty and keep the listing commission you saved to buy a celebratory dinner (or vacation) when your home sells.