When selling your home, everything you do affects your bottom line, and the price you list your home for is no exception. If the real estate market in your neighborhood is hot, like it is on much of the Big Island, you may be tempted to list your home a little high just to see if you can get a better price — don’t do it! Real estate agents agree that listing your home for the right price from the start is critical to selling it quickly for the best value. In fact, research shows that listing your home too high will make it more likely to sell at a lower price than if it was listed properly to begin with.
Only an experienced local realtor has the expertise necessary to give your home an accurate listing price that gives you the best possible return. Most will begin by creating a CMA (Comparative Market Analysis) of your home and will assess the best listing price based on the following:
- Current market conditions
- Condition and CMA value of your home
- Repairs, improvements and curb appeal
- Timeframe in which you want to sell
[bctt tweet=”Market value: the price that a home, in its current condition, should sell for within 30 to 90 days. #HawaiiRealEstate”]
If the price listed is too high, your house will be more likely to experience several different problems on the market:
- Limited interested buyers. Potential buyers may believe your home is outside their price range and will steer clear.
- Longer time on the market. Priced too high, your home may languish on the market for months.
- Give competition an edge. Others selling their home in your neighborhood can use your overpriced home as leverage to entice more buyers.
- Lower price. The longer an overpriced home stays on the market, the more buyers will question its value. Many sellers wind up dropping the price of their home significantly for it to finally sell.
When selling your home for the right price, hire an experienced professional, and trust his or her expertise. Your realtor will welcome any questions that you may have when deciding the best price, and the selling process will go much more quickly and smoothly.