My client: ‘Should we price it high to see what happens?’
My answer: I can already tell you what’s going to happen…
You’ve got 3 options when it comes to pricing your home for the market: above, at, or under market value.
I know pricing it high can be tempting, but keep in mind these pros and cons for each option:
Above market value:
+ If you have to receive a certain amount for the home
– It will take longer to sell
– The more days it’s on the market, the worse it looks to prospects
– The home may not appraise high enough by the buyer’s lender, so back to negotiations
At market value:
+ No appraisal issues
+ Buyers and agents will recognise a fair price
+ Will appear on more relevant buyer searches
Under market value:
+ The home will receive high interest and a quick sale
+ You may get a multiple offer scenario, which may include offers higher than asking price
– Risk of having to sell at a lower price
If you’d like to see recent stats on homes like yours, just say the word. Pretty sure you’ll come to the same conclusion as I did — pricing just under market is the way to go!
