Sell Your House For Top Dollar With Proper Pricing
You say your house is the nicest house on the block. Wait, no… your house is the BEST house within 10 square miles!!!! Terrific updates, expensive upgrades, and you’re going to rake in a fortune now that you are ready to sell your house.
You’re all excited because it’s a sellers market. Those two words, sellers market, make home owners giddy because they have hallucinations of dollars raining down from the clouds. Sellers market is not a license to be a real estate snob. Your house is worth what the last three buyers have paid for houses similar to yours.
“But Erick, our house is EXCEPTIONAL! It’s worth way more than the AVERAGE of any houses.”
Sorry, but the fact is, you have to sell your house three times: First, you have to sell it to the REALTORS to show it. REALTORS won’t bother showing an overpriced house. Second, you have to sell your house to HOME BUYERS. Home buyers see the recent comparable sales on MLS, the same ones you see, so they know what the last three homes sold for. Third, since most buyers are financing their home purchases, you have to sell it to the bank appraiser. The bank will not accept an over-priced piece of collateral.
So how do you avoid overpricing your house, and getting the most for your house when you sell?
1. Choose The Most Experienced Agent
An experienced agent will tell you the truth about the recent comparable sales (comps) in the neighborhood, and strongly urge you to price your house WITHIN the range of the recent comps. A less experienced agent may try to “buy” your listing by agreeing to a price waaaaay above the market, knowing they will have to “talk you down” as the listing period moves forward. Get it right from the start.
2. Base you price on recent comps.
Pay no attention to the “list” price for the Smith’s house two streets over that’s $30,000 over the market, and hasn’t sold in 6 months. DON’T TAKE LESSONS FROM THE LOSERS. Price your house to sell, not sit. Local Buyer Agents know the range of SOLD values in your market, and they will show your house if it is priced right, or steer around it if it is priced too high.
3. Listen to your agent.
Pay heed to your agent’s experience with condition and pricing. If your house needs to be de-cluttered, put on a thick skin, and stash stuff away. Your agent will show you what buyers have paid for houses like yours. In the end, buyers set the prices for homes, not the sellers. A house is only as valuable as what a buyer is willing to pay for it. Your agent is tuned in to what Buyer Agents are saying about your neighborhood. Your agent will be on the phone, calling Buyer Agents about your house, encouraging them to show it. Your agent will get the feedback.
4. Do your own research.
Today’s technology gives you a window into the REALTOR’S MLS database, where you may do your own research, see sold comps, see homes for sale, take photo tours or virtual tours of your competition. Pay special attention to the number of homes on the market against which you will compete. More inventory means more competition means more time to sell your house.
5. Consider the consequences of overpricing.
Pricing too high has its dangers that compound one upon the other. Overpriced houses just sit, unsold on the market, racking up Days On Market (DOM) in the MLS. When buyers see lengthy DOM, they ask, “What’s wrong with that house? Something must be wrong with that house. Let’s skip seeing that one.” I see it all the time.
So to fight the long DOM, you lower your price to the market price where it should have been to begin with, but your house is tainted by the long DOM. So you cut your price again to beat your competition. Then you finally get your price low enough to generate a low-ball offer. Now you’re negotiating from a position of weakness, when you could have priced your house AT THE MARKET to begin with, and avoided all of the hassles to begin with.
You want an experienced REALTOR. I’ve helped over 2,000 nice folks like you through selling and buying homes over the past 26 years. Who do you want to sell your most valuable asset? A top producer who has sold over 2,000 houses, or a friend or relative who is new to the business?
Text or call me now at 703-677-1120 for a no obligation conversation about your situation. I’m Erick Blackwelder of Exit Realty Associates, and I can sell your house for the most money, in the shortest time, and with the fewest hassles.
Call me now at 703-677-1120 for a conversation about selling your house.
Exit Realty Associates
Specializing In Northern Virginia
Equal Housing Opportunity
8998C Lorton Station Blvd
Lorton, VA 22079