If you ask most people what their idea of a perfect home sale is, the majority would say they want to do it quickly and for the highest possible price. While this scenario is not impossible, it doesn’t always work out because sellers often fail to realize the complexity of this task. In order to exchange your humble abode for a nice amount of money, you need to accomplish many steps in advance. One of them is deciding on the price of your property. Unsurprisingly, this is one of the most common reasons for homes staying on the market for too long. If you want to avoid this, it might be a good idea to take a look at a few home pricing mistakes sellers can make.
Pricing too high because you want to leave room for negotiation
Negotiations are almost an inevitable part of real estate transactions. And it’s understandable – dealing with large sums of money is tricky, so it’s always wise to leave some wiggle room for both parties. However, you need to do this tactfully as a seller. People often find it tempting to price their homes unrealistically, just in case prospective buyers want to lower the amount. This is where it gets problematic. If you set too high a number, it’s more likely you will scare off even the people who are willing to splurge. As a result, your home will probably spend more days on the market than you would like, which is not something you want in Utah’s booming real estate market.
Pricing too high because you don’t mind waiting
You might not mind waiting for your home to sell and finding a Utah-based reliable crew to help you move out. This leisurely approach might even instigate you to put a steep price on your property because you feel a suitable buyer will come along at some point. And if they don’t, you can always lower the numbers, right? Well, this is not exactly an advisable tactic – it’s one of the most common home pricing mistakes sellers can make. The more time your property stays on the market, the more doubtful potential buyers will become about it, making the sale all the more complicated.
Pricing your home without doing a comparative market analysis
Determining the value of your home that is both satisfactory for you and realistic in Utah’s real estate market is close to impossible without doing a bit of research first. After all, how can you know your options if you don’t know the current trends and tendencies? Luckily, this is where a comparative market analysis can be of immense help. A competent real estate professional can provide you with a report based on past sales of similar homes in your area. Additionally, it’s always a good idea to get an expert estimate of your property’s value. Only then will you be able to make a sound decision that you won’t regret once the deal is closed.
Deciding on price based on your neighbor’s home
Even though some comparison is necessary, this doesn’t mean you should price your home based on what your neighbors got for theirs. Their property might seem similar to yours, and you might even think that you can do better when it comes to selling. Still, the reality is, you probably don’t know the full picture. Their house might have the features and amenities Utah buyers are willing to splurge on. Remember that there are many different factors that determine the outcome of a real estate sale. Your best bet is to focus on what you have and do your best to improve it, if possible.
Deciding without being objective
It’s only natural to plan what you want to do with the money you will gain from the sale. You might want to pay off debt, buy a bigger home, move to a more attractive location, or treat yourself to luxuries that would otherwise be out of your reach. However, you cannot let your wishes and needs take over while determining the best price for your property. Keep in mind that potential buyers probably won’t be willing to pay more than what your home is worth simply because you need the extra money.
Hiring the real estate agent who offers the highest listing price
Working with a real estate agent is an excellent idea, whether you are buying or selling your home. However, as a seller, you want to approach the matter carefully. It might be tempting to hire the agent that offers you the highest listing price, but that doesn’t mean your home will actually sell for that amount. Many realtors try to lure in clients by encouraging ideas that are far from realistic. To avoid this, make sure to do a lot of research. If you don’t have any recommendations, take your time to read the reviews and testimonials of past clients. This will tell you if a particular real estate agent is really worth your time and money.
Being emotional
Finally, there is no space for emotions in real estate. Yes, this was your home for many years, and you created a bunch of beautiful memories in it with your family. Unfortunately, this doesn’t raise the value of your property in other people’s eyes. Although putting your emotions aside is hard, it will surely help you get a better outcome.
Final Words
Now that you know what home pricing mistakes sellers can make, you are one step closer to a successful sale! Keep in mind that being objective and thorough in your research is imperative for a satisfactory experience. The entire process of selling real estate can be pretty delicate and complex, so it’s always a good idea to enlist the help of professionals to guide you along the way. A reliable realtor can provide you with the most accurate and up-to-date information and advice, which will surely improve your chances of closing the deal with a smile on your face.