4 Common Mistakes to Avoid When Pricing Your Home

When you’re ready to sell your home you’re prepared to get it over with; the packing, cleaning, and the whole getting it sold thing. Although there’s no quick way to finish packing and cleaning, you can quickly get your home sold and off the market by avoiding these mistakes when pricing your home.

1. Emotional attachment

The first mistake you should avoid when pricing your home is getting emotionally involved in the decision. The truth of the matter is the memories you made are valuable to you and only you. It doesn’t matter to potential buyers if it was your first house or where your first child was born; those sentimental memories you have with your home won’t justify upping your asking price.

2. Getting creative

The only place your creativity might pay off is in your home’s description. If you decide to ask for $252,417, people will wonder why your asking price is so odd rather than focusing their attention on your home. To make it simple just avoid the fancy numbers and round to a whole number since the first thing people will do is narrow down their home search options by a whole number price range.

3. Overpricing

Perhaps the biggest home pricing fail of all is overpricing. The following are reasons people believe they should opt for a higher price tag:

• Gives them negotiating power
• They have “time”
• Desire to test the market

Sorry to break the news, despite whatever good reason you think you have to overprice your home it’s never a good idea. The price you, or your Realtor, calculated initially before you raised it will be more accurate and get your house sold faster. In fact, Keller Williams found that sellers who took their agent’s original pricing advice sold their home 38 days faster.

4. Having a bottom line

When it comes right down to it, your home is only worth what someone will pay you. So when you’re deciding the price of your home you may try to ask for a price that will allow you to break even or one which might leave you a hefty down payment on your next home. However, buyers won’t care about your bottom line. They’re in it to score a deal on their dream home, not meet your standards.

Sell your home quickly

The best way to get your home sold quickly is to avoid these 4 mistakes. It’s always helpful to correctly estimate your home’s value from the beginning as well. You can estimate your home’s value yourself or contact a Realtor to avoid these home pricing fails.

What other mistakes should you avoid when pricing your home?