Top 3 Most Common Real Estate Pricing Mistakes

A Story by Michele Kreinheder | Updated 04/30/2015 9:43pm


Top 3 Most Common Real Estate Pricing Mistakes

Selling a home will be a difficult task in some markets, but it really depends on a lot of factors, the price of the property being one of them. The mistake most people make is to overprice their home or similar mistakes related to the price itself. The price of a home can have a great impact on the overall chance of a sale, so you will need to ensure you stay away from such mistakes as much as possible:
  • Pricing your home too high without room for negotiation

A lot of sellers seem to believe that a buyer will be willing to offer a lower price is a fairly common practice. A seller who happens to list their home too high, especially more than the recommendation of a real estate agent will be in for a huge mistake, as this will only make selling it way too hard to deal with. Today’s buyers are informed and internet-savvy, so they will know when the price is too far out of the usual range for your local properties and what yours has to offer. You need to make sure you never do that and you stick to a more reasonable price overall if you want to avoid being deadlocked on the market and getting nowhere. People won’t even waste their time with your property if you go too far.
  • Pricing your home with an agent who offers a high list price

A lot of real estate markets have incredible amounts of agents out there that try to make a living in this particular field of business. You wouldn’t believe the amount of people who try to get into real estate every year, but the truth is not many of them have the professional experience and rationality to swim the waters of your market with great efficiency. There are many agents who simply want to buy listings, as will likely tell their seller that your home is worth a lot of money just so they can grab the listing. This means they simply don’t have the necessary experience or understanding of the human psyche or your local market. Look for agents who have been on the market for a long time and have a good track record and references. You would also do well to do a thorough cleaning of your home before you put it on the market. Do some serious floor and carpet cleaning and more and this will improve your chances, especially if you hire a cleaning company to do it professionally, as well as doing some maintenance to keep its appeal up.
  • Pricing a home without a comparative market analysis

Selling a home is no easy feat, as your agent will need to spend a lot of time doing research and mining data to analyze the market and see which price range is good for your property. A good agent will get a comparative market analysis done, which will allow them to see what other similar properties sell for and how that would impact your chances on the market. Never work with an agent who simply gives you a price range without knowing more about the property, its history and the surrounding area and its inhabitants. Even things as simple as a bad neighbor with a criminal past, such as a registered offender can have a negative impact on your property’s marketability. If you are thinking of selling and would like to discuss pricing, call me directly at 562-243-2171 or enter your information below.
 

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Michele Kreinheder
Real Estate Group
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