Pricing is a delicate art that requires a thorough understanding of Atlanta’s housing market. Here are some common pricing mistakes that sellers make and how you can avoid them:
Choosing the agent who suggests the highest listing price
Homeowners shop around for a listing agent and often end up hiring the one who gives them the highest listing price. This is a costly mistake. Unless the agent shows you comparable properties and market data supporting their suggested listing prices, chances are, they’re inflating the price in order to land the job.
Don’t choose an agent solely because they suggested the highest list price. It’s always better to choose someone who has knowledge, integrity, and experience. A good agent will only give you a price range that the home can realistically sell for.
Karafotias Realty will help you price your home right. Call (404) 321 0030 or send an email to KarafotiasRealty(at)KarafotiasRealty(dotted)com.
Not doing any research
Research is key to pricing your home correctly. Sellers should look at comparable properties, the median price, and recent sales in the neighborhood in order to get a good estimate of how much their home could sell for. The location and overall condition of the property also play a role in pricing.
Marking the price based on how much you want or need
In some cases, homeowners sell their homes out of financial need – divorce, bankruptcy, debt, and medical problems can force people to put their property on the market.
However, it would be a mistake to mark the price based on how much money you need. Keep in mind that your home’s market value is determined by how much buyers are willing to pay for it, whether or not they are reliant on financing to close the sale, and how much the appraiser thinks the property is worth.
Making the initial asking price too high
Setting the asking price too high could turn off a large number of buyers. Instead of choosing your home, they’d likely end up looking for comparable homes in your area and buying one that falls within their price range.
Failing to get an offer within three months will keep your home in the market for much longer, and this will send the wrong message to buyers, even if the property is in pristine condition. It could give the impression that the home has underlying issues, hence the lack of interested buyers.
It will also cost you more money. The longer your home stays on the market, the longer you’ll have to pay for upkeep, homeowners’ association (HOA) dues, and other costs.
Being too emotionally involved
Don’t confuse your home’s market value with its sentimental value. Homeowners often make the mistake of pricing their homes too high because of the time and energy they’ve invested in it over the years.
It’s only normal to feel attached to your home but buyers may not see the property in the same light. Working with a listing agent will help you look at your home more objectively.
If you’re ready to put your home on the market, let Karafotias Realty assist you. Our team of experienced Realtors in Atlanta, GA will price your home accurately and get you interested buyers in no time. Call (404) 321 0030 today to get started.