Costly Pricing Mistakes Homesellers Need To Avoid

Dated: 04/23/2016

Views: 579

Key Takeaways from this Inman article are that pricing is both an art and a science, but sellers need to avoid the common mistakes that they often make. Sellers have a lot of decisions to make, like hiring an agent -- home sellers need the expertise a of knowledgeable agent to actually sell the home, and for things like creating a marketing campaign and deciding how to stage the home. 

The nice part about pricing a home in the Disney Area Market is that the real estate market is very transparent -- consumers can get excellent information about what comparable properties have sold for and what competitive properties are selling for. If they don't listen to the market, the market will ignore them and their property will languish...
Here are the mistakes home sellers are making in the Disney Area property market:
  1. Pricing their home with what has not sold versus what has sold. (Pricing along with the unsold competition)

  2. Overvaluing the ammenities. Features and amenities help a home sell over the competition in the Disney Area property market but with a cold look at the numbers ammenities do not affect price as much as sellers would like.

  3. Pricing their home to get full value for improvements.

  4. Pricing their home based upon what they need. A seller would not discount their home based upon buyer needs, why should a buyer pay more than what the transparent market indicates?

  5. Often a seller falls in love with the automated valuations they can find online. As always, work through the comparables with a knowledgeable agent and recognize how far off the automated valuations are.

  6. The last mistake sellers make is to set a price and forget it. Now showings and no offers means only one thing if the property is syndicated from the MLS to the major property portals... The price is too high.

Read more here...

Image courtesy Inman
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Lance Whipple PA

Lance is a Retired Air Force Officer and skip-generation real estate agent -- his grandparents ran a real estate brokerage in Oregon during the 1960s and 70s. Lance helps mainly vacation home investor....

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