Price vs. Value – two sites of the same coin, and whether you’re a buyer or a seller determines which side you’re on.
Price is number one on the list that buyers use to choose which homes they want to see.
Your asking price is affected by factors such as how quickly you need to sell, how many similar homes are for sale in your area, and the recent sale prices of homes in your area.
When considering your asking price, don’t worry about what you originally paid for your home – prices are figured using today’s market trends. Keep your emotional attachments and opinions of friends and relatives out of your pricing equation. Remember that while you set the price, the buyers will set the “value” of the home.
By overpricing your home, you’re just encouraging buyers to look at others in the area, making them cause a deal to fall through because the buyers’ financing was rejected after a low appraisal.
Ask a real estate agent to perform a Competitive Market Analysis for your home. By factoring in your situation, recent market trends, and local sales figures, the agent figures your home’s “fair market value.” Then both sides win!