Tim and Sue's experience demonstrates the repercussions of not adjusting the price in response to market changes. Their failure to reassess their home's value amidst decreasing comparable home prices left their property as the highest-priced and least appealing option, ultimately affecting their sale prospects.
Key Takeaways for Sellers
1. Research Thoroughly: Base your home's price on comprehensive market research, not assumptions or incomplete information. 2. Use Comparative Market Analysis (CMA) s (CMA): A CMA is an indispensable tool for setting a competitive asking price, taking into account the sale prices of similar homes in your area. 3. Choose the Right Agent: Select a real estate agent based on their market expertise, certifications and marketing plan, not just the highest price promise. 4. Stay Objective: Don't let emotions or the cost of upgrades dictate your home's price. 5. Be Mindful of Market Dynamics: Keep abreast of market trends and be ready to adjust your pricing strategy accordingly. 6. Avoid Initial Overpricing: Price your home correctly from the start to attract serious buyers and prevent it from languishing on the market. 7. Don't "Test" High Prices: Listing at a high price to "see what happens" can deter serious buyers and lead to stagnation. 8. Respond to Market Shifts: Regularly reassess the market and adjust your home's price to remain competitive. By learning from others' errors and understanding the importance of pricing your home accurately, you can avoid these
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