If you want to sell your house quickly, you have to set a price that reflects its fair market value. Your real estate agent has the information and expertise necessary to set an appropriate asking price. You might think you should set a higher list price, but you’d be wise to take your agent’s advice.
You Might Have Unrealistic Expectations
It’s hard for homeowners to be objective about the value of their own homes. You’ve lived in your house for years, and you have fond memories associated with the property. Your emotional attachment to the house can influence the way you perceive its value. You might think you should set an asking price based on the amount you paid for the house. While that might seem like a logical approach, the current housing market might be drastically different from the market conditions that existed when you bought the house. You’ll have to price your home in a way that makes sense in the current real estate market.
What Can Happen If You Overprice Your Home
If your asking price is too high, buyers might simply ignore the listing. Your house might sit on the market for months without getting a single offer.
When a house goes unsold for a long time, buyers tend to assume that there is something wrong with it. As time goes by, it becomes increasingly difficult to find a buyer.
You might be forced to lower your asking price, possibly more than once, to attract a buyer. When you finally sell the house, the amount that you and the buyer agree to might be well below your initial asking price.
Your Real Estate Agent Can Set the Right Price
Taking your agent’s advice can help you avoid unnecessary delays and stress. Your agent has access to detailed data on your local housing market, including information on houses that are currently for sale and properties that have recently been sold. Your agent can identify homes that are comparable to yours and find out how much the sellers initially asked for, how much the houses were eventually sold for, and how long they were on the market.
If there are more properties for sale than interested buyers, that will influence your pricing strategy. Your agent can help you set a price that will attract buyers in a competitive market. You might get bids from multiple buyers and wind up selling the house for more than your asking price.
