The Right Selling Price Affects Your Bottom Line

When you’re selling your home, the price you set is a critical factor in the return you’ll receive. That’s why you need a professional evaluation from an experienced realtor. This person can provide you with an honest assessment of your home, based on several factors including:

• Market conditions
• Condition of your home
• Repairs or improvements
• Time frame

In real estate terms, market value is the price at which a particular house, in its current condition, will sell within 30 to 90 days.

If the price of your home is too high, several things could happen:

• Buyer's agents routinely apprise their clients of the market conditions in the area including pricing and sales trends, causing them not to bother with an offer.
• Potential buyers having seen other comparable and correctly priced homes in the area realize that this one is prized too high and simply walk away.
• Some buyer's agents may not even bother presenting it to their clients to begin with.
• Other agents knowing it is priced to high may only show it to their clients to spotlight their very own favorably priced listings instead, eliminating it again from serious consideration. 
• An overpriced home sitting on the market for to long, while eventually and/or repeatedly lowered in price, may give buyers the impression that something is wrong with it.
• Lenders will have it appraised before approving a potential buyer's mortgage by comparing it to recently sold homes in the area. It will become apparent that it is overpriced and the lender will be unwilling to approve the mortgage.
• Eventually much time, energy and money will be wasted before it is withdrawn from the market so it can be offered at a later time for the correct price.