How to Sell Your Home Faster: Price It Right
Home buying and selling has reached a feverish pitch for the summer and remains steady despite the ongoing pandemic.
The extreme likelihood of needing to utilize your home as an office and/or school has pushed even more homebuyers into the market. Demand is growing but the supply continues to remain low. In the local Kosciusko market, this has become a recipe for bidding wars.
In the current seller’s market, it may be tempting to raise prices because buyers are waiting in line—however, pricing right is so important and will help you win even more in the long run. Consider these points:
- Win-Win Is Best
Many people want to sell their home above value and then buy one below value, but this scenario is more of a unicorn than you might think. This mindset may also limit your transaction success, and actually hinder potential opportunities. Why not focus on listing at a fair value and buying at a fair value?
- Overpricing Can Cause Potential Problems With Lenders
Lenders require appraisal as a basis for mortgage loans. If your home is appraised less than your listing price, buyers may have to undergo difficult negotiations as a result. They may have to challenge the home appraisal, switch appraisers, or look for another lender. This will eat up the buyer's time and money, and may even cause them to walk away. Pricing too high can cause unnecessary headaches and derail your home sale timeline.
In short, the seller may have to reduce the sale price to the appraised value or risk losing the buyer.
- Reasonable Terms Give You More Value
When a property is overpriced, the freshness of the home’s appeal may be lost in about two to three weeks of showings. People may look into other options that will give them more value for their money. When you start out with a fair price, and people really like your property, they may be willing to close the deal faster. Some buyers may even pay more than your list price to ensure they get the home they love.
- Fairness Builds Credibility
You make an impact with credibility. When you have credibility, your success isn’t only short term. Once you make a move in the real estate market and plan for another sale in the future, smart investors know that having a good reputation means more than any number.
While it is so tempting to go with a potential price surge, pricing right, and having the right mindset and intentions will help you succeed in the home buying and selling industry at a much quicker rate. If you want more advice from seasoned experts on pricing your home, or buying or selling, give The RGroup a call today!