Are you thinking about selling your house? Well, Come On Down! You're the next contestant on the Price Needs to be Right!
Seriously, when sellers meet with me to discuss putting their homes on the market, they obviously want to get the highest price possible. It may be one of the few times in their lives that they have an opportunity to make a large sum of money in a short period of time. It's understandable to want to shoot for the moon.
However, if you price a home too high, your property will be sitting on the market for months. That's not only cost you possible sale value, it's going to cost many of you additional monthly mortgage payments until the property finally gets sold. You may end up getting your high price, but how long did it sit on the market for? How much did you lose in mortgage or tax payments? What about the higher utility costs we're seeing these days? Getting too eager to score a big payday could end up being very costly.
On top of all of that, since most buyers work with banks or mortgage lenders to secure financing to make those purchases, you need to make sure the bank agrees with you on how much your property is actually worth. If you price it too high, the bank won't finance the property and you may lose out on the deal. At the very least, you will end up having to lower your asking price anyway.
When you're ready to sell, work with a Realtor® that has your best interests in mind. Getting your hold sold for as much money as is reasonable in the shortest amount of time is what you should be looking for. Pricing it right the first time, makes you more money (multiple bidder possibilities!), closes faster (save on mortgage payments!) and makes you feel like (you made) a million bucks!
Until next time,
Dave
