Home Selling Mistakes to Avoid When Quoting a Price

Deal Acres

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Here are home-selling mistakes to avoid when quoting a price. It is well known that the price of a property is a big part of how it is marketed, and if it is not set realistically, it is unlikely to sell quickly or even after a while. So, it’s a good idea to take your time when setting this amount. Remember that you don’t have to figure out this number on your own. There is a lot of information out there and people you can talk to who can help you.

Home Selling Mistakes to Avoid When Quoting a Price

Don't forget to do research

You should spend some time learning about the local real estate market, how well connected your property is (for example, how far it is from major employment hubs and transportation hubs like the railway station and the metro station), and what amenities your property has likened to similar properties.

Also, don’t be afraid to talk to friends, co-workers, and family members who might live nearby about prices and how supply and demand work in your area.

You can talk to a real estate agent about the prices in the area if you don’t have time to do the research yourself or if you want a second opinion. You could also hire a real estate appraiser to figure out how much your property is worth. Click here to learn more about how to value a property.

Don't Forget about all of your costs

It wouldn’t be a good idea to set your price based only on how much you paid for the property. During the time you owned the property, you may have had to pay for things like brokerage fees, repairs, maintenance, etc.

When you start the selling process, you may have to pay more, such as the new broker’s commission and the capital gains tax. So, remember these costs or you won’t be able to figure out the right returns. Click here to learn more about how to figure out the return on investment. 

Don't set your Price based only on Similar Homes

You did some research and found out how much similar homes in your neighborhood cost. This is an important step, but don’t forget to find out what might make your property more or less valuable than the one you’re comparing it to.

For example, your property may have nicer furniture or access to a clubhouse (with a gym, pool, and other amenities) than the comparable property. You might want to make a list of all the good and bad things that could add to or take away from the price and figure out how much they are worth.

Don't let your Emotions affect the Price you set

Even though it’s understandable that you might have gotten attached to your property, it’s best to treat the sale like any other business deal. Even if you think your property is worth more than what the market is saying, you shouldn’t overprice it. If you do this, the process could take longer, and the number of buyers who want to talk to you may also go down.

Don't Price your Home too Low

You might think, or someone might have told you, that if you price a house much lower than the competition, you might get more people to buy it. But you run the risk of making buyers doubt your intentions. They might wonder what’s wrong with the house to make you want to sell it for so little.

Also, you might not have enough room to negotiate and offer a discount to close a deal if you do this.

All in all, avoiding these mistakes will help you in some way because it will let you set a price for your property that is realistic and based on facts.

Disclaimer: The opinions shown above are mainly for informational reasons and are based on market research. Deal Acres is not responsible for any actions made as a result of relying on the provided material and makes no representations as to its accuracy, completeness, or reliability.

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