Sellers price their homes based on how much they believe they would pay for their the house.
We Buy Houses Fast – Arlington TX: A typical house seller will always imagine that the house is worth much more than the market will bear. The notion that a buyer will see things in the house the way you do is little to none. It’s just not practical to think that someone who just saw the ‘for sale’ sign from the road thirty seconds ago has as much sentiment wrapped up in your house as you do. It just isn’t true.
Another factor that many sellers use to price their homes is based on how much they believe they need to pay for what they want when they sell the house. A house that may be worth $80k on the current market might be priced at $90k because the owner still owes the bank, but would also like to pay for the oldest son to start college. He needs an additional $10k to get the college ball rolling.
“Another mistake that sellers make is to start too high with the price, assuming that the price can be dropped if no one is interested at the higher price.”
When selling through a traditional real estate agent, those ready to sell might interview several agents until they find one that agrees to list the house at the highest amount, closer to what the seller wants to get for it. This should have nothing to do with what the asking price is, as the fair market value should be the biggest consideration for the pricing of the house.
Another mistake that sellers make is to start too high with the price, assuming that the price can be dropped if no one is interested at the higher price. When the asking price is lowered considerably and no one still is interested, there is going to be another drop in price. The problem with this is that buyers are sophisticated enough these days to watch listings and place watches and alerts on those that interest them.
When they see that your house was originally listed at one price, which may have been too high for them, and then drops, but again and again, the perception grows that there must be something wrong with the house. Are people looking at the house and finding things wrong, so the seller has had to keep dropping the price? That’s what interested buyers may be thinking.
Don’t let these or other mistakes keep your house on the market for sale. Some homes have been staying on the market for two years or more. If you must sell quickly, you might want to explore the real estate investor option. They buy any kind of house and in any condition.
Filed under: House Selling