CHAPTER 5 Determining the Right Price When ht Price When Selling Your Home our Home by Yourself THE IMPORTANCE OF THE FIRS F THE FIRST LISTING PRICE When deciding the price of your home, you cannot overestimate the importance of the first listing price you show to the buyers. Generally, as the homeowner, you will always have a broad idea of your property's current worth. What we are speaking about here, though, is the listing price you are supposed to quote to potential buyers, which will be one of the driving factors to promote or doom the sale of your home. That being the case, the initial listing price must be as attractive as possible to set a good pace for the selling process as a whole. While industry experts offer advice on only a few successful strategies, they are worth looking at. “Fast and low” is a winning strategy when deciding the first listing price. If you want to sell your home as fast as possible, list the property 5% to 15% below its market value (after studying current market trends, make sure you know what that price is in your neighborhood). This will attract buyers easily since a good deal is always the best bait. This strategy is best when you plan to make the sale yourself since the lowered price means you have less margin to work with when paying an agent’s commission. Market statistics show that, on average, buyers across the country are paying 2.5% more
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