As a real estate professional I see many sellers making the same mistakes when it comes to pricing their property, and it can be costly. Hi, I'm Amanda Oldfield with EXP Realty and here are some common mistakes that sellers make when pricing their home. Overpricing.
The biggest mistake sellers make is thinking that their property is worth more than it actually is. Overpricing can be due to emotional attachment or lack of market knowledge.
Overpricing your property though, can lead to long periods on the market, lower offers, and missed opportunities to sell. Another mistake is ignoring market conditions.
Real estate markets are constantly changing. That's why it's so important knowing what's happening locally in your area right now. I also see sellers not considering their competition.
Take a look at what other properties are on the market in your neighborhood, and what they're selling for. Be sure to look at their condition, their upgrades, age, lot size, views, all those sorts of things.
This is what will give you a good idea of what buyers are willing to pay for a property like yours. Not factoring in necessary repairs. If your property needs repairs or upgrades, it is important that you must factor those things into your asking price.
Buyers will expect a lower price if they will have to make repairs after they move in. Bottom line is the key to successful pricing is to be well-informed of your market area and the conditions, and understand the competition to avoid costly mistakes. Connect with me and my team so we can give you a complete analysis of the market and of your home value. I'm Amanda Oldfield with the EXP Realty and I'm here to help.