Don't Make This Mistake When Selling Your House
A lot of times, home owners tend to fall into the trap of wanting to overprice their home. That could be due to several reasons, either because of sentimental value, inexperience, inaccurate information, etc. Nevertheless, homeowners should avoid this pitfall when selling their house.
But the cold-heart truth is that, like anything else in the marketplace, the market will determine what your house may sell for in Riverview.
Your House Is A Marketable Product
I talked about this in a previous blog post where I discuss the ways to market and sell your home.
Your house is like any other item being sold in the market. So when you decide to sell your home in Riverview, you've got to treat it as such.
In all honesty, buyers are not going to pay above market value because you invested hundreds or even thousands of dollars in upgrading that kitchen or bathroom.
The forces of supply and demand are in play here.
"So What If I Overprice My Home?"
It's a fair question.
Here's what you may want to consider:
- Traffic - This is a no-brainer. You want to generate as much traffic as possible, especially in the initial stages of listing your home.
- Sense of urgency - You'll want to have potential buyers come in with a "I want this house now before someone else gets it" mentality.
- Days on market - The longer a house sits on the market, the LESS desirable it becomes.
A scenario you want to avoid is one in which buyers start to ask themselves:
- "What's wrong with this house?"
- "It's been sitting for a while, so I'm gonna low-ball it"
If I were representing a buyer looking for a great deal, guess where I'm gonna start looking?
To illustrate, take a look at this chart -
Clearly, the highest traffic and interest you'll generate is in the first weeks of going live.
The longer a house sits on the market, the less likely you are to get an offer at asking price. Even worse, you may not get an offer altogether!
Home Buyers Have The Tools
Buyers today are smart and savvy. They will do their research. They'll compare prices, features, amenities, etc. If your house is perceived as over-priced, then you'll have dismal showings.
Remember, your house is like many other items on the market. You are not the only house on the block with a house for sale.
You have competitors. To compete, you have to be competitive (price being only of several factors).
Summary
Trust that this article gave some insight into the importance of properly positioning your Riverview house for sale, especially from a pricing standpoint.
To sell, you'll want to hit the market hard and gain as much traction as possible.
I'm curious to know what you thought of the above. Let me know in the comment section below. You may also call / text 813-602-5160 or email randy@randyarealty.com
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