When it comes to putting your property on the market, determining the right asking price is one of the most important decisions you can make. Whether selling a house or lot in Ocean Shores, a Pacific Beach luxury home or just about anything else in Grays Harbor County, setting the right price for your home will help you attract more potential buyers and will also help you get your home sold more quickly and at a reasonable price. With the help of a qualified and experienced real estate agent (like me!), you should have no problem setting the right price for your home.
Overpricing your property can….
Reduce agent showings
Minimize advertising response
Eliminate interested buyers
Attract unsuitable buyers
Eliminate potential offers
Help sell competitive homes for sale
Cause problems with appraisals
Increase holding costs
Increase maintenance costs
Give the impression that you do not want sell
Pricing your property right can….
Cause a faster sale (less days on market)
Minimize hassles and inconveniences
Attract the right target market buyers
Increase agent showings
Encourage stronger offers
Increase net proceeds
Create a sense of urgency in the buyer
Encourage multiple offers
Create an “industry” buzz
Lessen “nibbling” after the close
Lessen buyer’s remorse
Finding Your Home’s Best Selling Price
Statistics show that the best opportunity to sell your home is often within the first few weeks of putting it on the market. This can be good news, or bad, depending on your motivation. Some homes sell right away, while others sit on the market for months without a single offer. It’s important to remember, however, Ocean Shores can be finicky real estate market. No one truly needs to buy a house in Ocean Shores. That said, when that buyer decides that they want to buy a house, you better be priced right or at least in the right ballpark to get a showing and then hopefully an offer.
To maximize your selling opportunity, it is important that your home be priced right. What is the right price? Many factors will determine your home’s best asking price. Our current real estate market has a lot to do with it. Using sound judgment, research, and experience, a good agent can help you determine the right price for your home. They will help you evaluate your location, the recent sold data, current market trends, and your home’s special features that set it apart from the competition.
“What’s wrong with pricing my home a little high?” Price your home too high and most buyers won’t even bother looking at it. Over priced homes tend to sell the competition first. This scares away many qualified buyers simply because they can go elsewhere and get a lot more house for the money. As your house sits on the market, people will shy away from it thinking there must be something wrong with it.
Should I underprice my home? Price it too low and you could lose thousands of dollars. There are times when you will attract multiple bidders making multiple offers, but this is only recommended when you need a faster-than-average sale.
In most circumstances, pricing your home correctly from the very beginning will net you the best results in both time and money. Let me take the guesswork out the entire process and suggest an accurate market price for your home.
Are you preparing to sell your home?
While many of the factors that affect how well your home will perform on the market (size, location, timing, etc.) are beyond your control, there are things you can control. Take advantage of them, and you’re more likely to ensure yourself a successful sale. Some steps are obvious. Like thorough preparation and a well-thought-out marketing plan.
Put your emotions aside. It’s natural to form a bond with your home. But buyers haven’t shared your experience. So don’t let feelings cloud your judgment when they don’t compliment your decor or offer to empty their bank accounts for your house.
Try to be a realist. Home sellers tend to fall into one of three categories. Dreamers, realists and worrywarts. Dreamers overprice their homes and wonder why buyers don’t come marching in by the dozens with wheelbarrows full of cash. Worrywarts fret over every last detail, especially if the house hasn’t sold in a week. Realists price their property based on market conditions, exercise patience and recognize a good offer when it comes in.
If you have any questions about real estate in the greater Ocean Shores area, contact Jeff Daniel at 360.581.9020. Thank you.