Home Sellers: How to Avoid Over-pricing

If you are planning to sell your home, and you think you know what you’d like to get out of it monetarily, the next step is to ask an agent. Although you do know your house and even perhaps your neighborhood better than others, real estate agents and appraisers both most-likely have experience and a sense of the market that you do not.

The reason you do not want to over-price in the first place, especially in times when the market is soft, is because you are likely to turn down potential home buyers before they even get a chance to make it out for a showing.

When you sit down with an agent, you have enlisted the help of a professional who will help you find a happy medium between what you’d prefer to get out of your house financially and what is in fact more realistic. A professional is going to be able to present you with statistics on what homes similar to yours in general value are selling for currently.

What If The Agent Says To “Go Low”?

If the figure presented to you by an agent (based on their very thorough and knowledgeable information) still does not suit you, it may be time to wait, renovate, and then sell. If you do choose this option, you may get more out of your home than you will if you sell immediately. However, if you do choose to wait, keep in mind that you’ll be faced with continuing house payments and other expenses. It is up to you to decide when it is the right time to sell.

Whenever that time comes, whether now or later, it is never wise to ignore the advice of those who are out in the market every day and know what is happening in the real world, in your general area. Even if you’ve been keeping a close eye on the market, those who work in the business every day are going to have a more accurate sense of street value.

The Balancing Act

The tough part, and the key, is to find the perfect balance. And the way to get there is through honesty. Remember, if an agent gives you lip service and tells you everything you want to hear, your house may not sell as soon as you’d like, and you may end up having to lower the price in the long run after all. An honest agent is going to give it to you straight. They will provide a price that reflects your home value, and if you are totally unsatisfied, they will tell you how you can renovate and improve the value of your home so that you can reach your financial goal. And they will also help you figure out how to balance the two (waiting and renovating verses reducing price and selling immediately).