5 Mistakes Sellers Make When Pricing Their Property

Experience tells me that the best chance of selling your property comes in the first two weeks it is listed Realtors are watching for matches for their clients and Buyers are scouring the new listings daily.  If it goes beyond the first couple of weeks, we could be in it for the long haul.

Here are five common mistakes I hear a lot:

1)      Let’s price it high. I can always come downToday’s buyers want the best value, not necessarily the perfect property.  They know the market well and won’t even look if your property is obviously overpriced.

2)      I don’t have to sell.  If that is the case, this is probably not the right time to list your property.  Buyers aren’t just looking for a deal, but a steal!  This is not the right market for unmotivated sellers.

3)      Some foolish rich person will come along.  Seriously, we all know deep down that foolish and rich don’t really belong in the same sentence together.

4)      I’ll consider offers.  This is like standing on the bank fishing with no bait on your hook.  Your overpriced property screams, “I’m not really interested in selling, so don’t bother me.”  (By the way, that IS my favorite way to fish…… )

5)      I want/need enough to pay off my other debt.  For your buyer to get financing there will have to be an appraisal.  So, even if she is willing to pay more than she should, her bank isn’t going to let her.  The price will have to be justified by an appraiser – and believe me, the appraisers are being VERY careful these days.

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