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Unspoken downfalls of pricing your home wrongly

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Pricing of a home is crucial when trying to sell.

There are a variety of unspoken downfalls when the incorrect price is selected for selling your home. Homes in this current market are a hot commodity. The natural demand may inflate the pricing of homes because there are not enough homes on the market listed. With a limited supply, especially in specific price points, it is even more vital to come out of the gate with the proper price. 

Homes listed too high may sit on the market longer. The “Days on the Market” is an indicator telling buyer agents there may be something wrong with this home if it spans a long duration, making it challenging to find the right buyer. It may also mean the home is priced too high to attract the right purchasers. No matter the reason, for the alarming “Days on the Market” amount, it decreases your selling agent’s ability to negotiate a reasonable price. Because the number of days on the market can mean there is something wrong with a home, it may also increase the time frame of negotiation, as well as increase the number of inspections conducted. 

Sellers can help to prevent these potential downfalls when listing their homes. By utilizing these tips, you can work with your selling agent for success and yield your desired results. Here is how:

Assess pricing with an open mind.

Have your agent provide you a Market Analysis of your home and a recommended listing price range. Review the findings with an open mind. Far too often, the sellers come in with an expectation of what they want to sell their home for, and this can lead to a natural bias, which can be unfavorable in the long run. 

Discuss expectations and set benchmarks.

Before selecting a price, discuss with your agent the pros and cons of each. Also, review your days on the market expectation; this can help to narrow your selection. 

Trust your agent. 

Find the right agent to represent you and make sure they are someone you can trust. For your real estate professional to do their job well, they need room to negotiate. Use the expectations and benchmarks you declared together as points of discussion – otherwise, let them go and sell!

Find more ideas on how to sell your home HERE.

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