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Can’t we just try a little bit higher and see what happens? What could it hurt?

When it comes to selling a home, one of the important points I am asked about is the price. Many of the sellers I have worked with have asked a question like, “Can’t we just try a little bit higher and see what happens? What could it hurt?” 

While it is natural for a seller to want to make the most profit possible when selling their home, there are also stipulations to pricing it unrealistically.

Let’s start by looking at the buyer journey

Once a home buyer is pre-approved, their search is on! Their agent will set them up on an MLS search, they’ll do their own searches on 3rd party sites such as Zillow & Realtor.com, and they’ll start researching the homes that most interest them.

Today’s buyer is savvy!

Whether they find it on their own or their agent provides the resources, they’ll have access to tax records, GIS county mapping sites, deed searches, sold property data and so much more.

Buyers are no longer having to tour a dozen homes to see which ones they like.

With the amount of information available to them on the internet, many homes can be eliminated from the list long before the tours begin. Surprisingly, most buyers are finding “the one” after viewing only 2-5 homes!

Click here to schedule a 15 minute (or longer if needed) initial phone consultation —> VIEW CHRISTINA’S CALENDAR!

How this effects your pricing strategy

• With buyers seeing so much property information, they can easily identify a home that is overpriced. If they still choose to look at your home, they will be going into the situation with a mindset of how to negotiate the price. Right or wrong, it’s the natural mindset that occurs in this situation. We don’t want this!
• When you price your home correctly, buyers that love your home will be thinking about how to craft an offer that you can’t refuse, not how to pull down the price!
• When you price your home too high, many of YOUR BUYERS won’t even see your home because it falls outside of the search parameters that they have setup.
• When you are priced above market value, only the wrong buyers will see your home. These are the buyers that are looking for homes with features that justify the price range that you’ve entered.

Our One Big Chance

As I mentioned before, buyers are receiving new listing alerts from their agent as well as setting up their own searches on third party sites. When we go “live” with your home listing, all of the buyers searching for a home like yours will receive an email alert.

This is the biggest and best opportunity that we have to get your home in front of the right person, when your listing is the hottest it will ever be.

There is no way to recreate this first impression or to get in front of these people in this way again.

What this means

The best and most profitable way to price your home is to do it right from the first day. A home starting off with a price set too high snowballs into other issues such as extended time on the market and low ball offers.

In order to attract the best buyers and make the most profit, start with your price. It all starts from day one!

I go into further detail about pricing your home correctly in this video.

Summary – What happens when you price too high

• Your home sits on the market & goes stale!
• You must do a price reduction to stimulate interest
• Buyers wonder why it hasn’t sold, what’s wrong with it, & have now the upper hand when negotiating
• You get low offers
• This results in extended time on the market & a sales price under market value

There are so many things that go into a successful sale. I’d love to talk to you about how to make the process painless and wildly successful. Click here to view my calendar and pick the day and time that works best for a quick phone consultation! (CLICK HERE!)