There’s an adage, in the real estate industry, to, price a house, right, from the start. Many homeowners, however, falsely believe, by pricing their home, unrealistically higher, they might receive the highest possible selling price. The reality is, while this may, during certain, extreme, sellers markets, be somewhat – true, in the vast majority of cases, is a poorer strategy! Whether too – high, pricing, is a result of a homeowner’s lack of knowledge/ understanding, or a degree of greed, or, because a real estate agent, tries to, buy – a – listing, by suggesting an artificially high, listing price, the reality is, better results are nearly always achieved, when pricing is fully considered, and priced – to – sell. With that in mind, this article will attempt to briefly, consider, examine, review, and discuss, using the mnemonic approach, what pricing correctly, from the START means and represents, and why it’s so important.
1. Strengths; serves purpose; system: Great agents recognize the strengths, and weaknesses of a particular house, and use this, to the homeowner’s best advantage! The original, listing price, must serve the main purpose, of attracting quality, qualified, potential buyers, to view the property. Examine how, one’s system, which must focus on creating the best set of circumstances, makes a difference, for the better. It’s essential, to remember, in the vast majority of circumstances, a homeowner gets his best offers, in the first few weeks, after it is listed.
2. Time: Homeowners should have a thorough discussion with the agent, they hire, select, and choose, and clearly be, on the same – page, when it comes to pricing, marketing, etc. How important is, how fast, a house sells, to an individual? When the price is realistic, and based on the competition, a house will generally attract, the best possible offers!
3. Appraise; assess: Homeowners, beware: Don’t let your love, and emotional connection, to your home, influence, your approach! Appraise your needs, goals, and priorities, and act wisely. Assess, realistically, what you might be willing to pay, for your house, if you were buying, instead of selling!
4. Relative/ relevant; region; realistic; recent: Don’t focus on what some may have listed their houses, for, but, rather, what other similar homes, actually sold for, recently! Make certain, you are comparing, apples – to – apples, and relative circumstance, etc. Are there any specifics, to your region, which might be, either positive, or negative?
5. Trends; talking points: Does your residence, possess, those trends, today’s buyers, are searching for? What are the items, which should be emphasized, and used, as talking points?
Begin by hiring a real estate agent, who understands you, your needs, and has a plan, to market your house, in your best interests! Price it right, from the start, and the process, will be, far less stressful!