Market analysis says that your home should be listed around $250,000, but you want to list at $300,000, believing that a higher list price will yield a higher sales price. Anyone setting a search threshold of $275,000 and below, where you home should be sitting, is not going to see your home and therefore you lose any of those potential buyers. Pricing within the range of comparable sales, will make sure that your home is seen by everyone looking for a place to buy in your area.
Always remember that the best marketing in the world will not be able to sell an overpriced home. Using a proper comparative market analysis to price your home correctly from the start, will greatly increase your chances of a quick sale at an acceptable price point.
Chasing The Market
Many sellers start by listing their property above the market value and they end up doing several price reductions over time before arriving at the proper price in order to sell it. The problem here is that one of the most common questions that buyers ask about a property is "how long has it been on the market?" Most buyers will see that the property has been on the market for 6 months or more and assume that there is something wrong with it, or that they can get it for a low price. At this point the owners home won't sell at all or it will sell below fair market value because they spent the last few months "chasing the market" in order to arrive at the correct price.
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