Source: Unsplash | Jesse Roberts
Many home sellers don’t find the right buyer because they’re unintentionally pricing their property incorrectly. When you start selling a property, you have to consider factors like square meters/feet, number of rooms, number of bedrooms, among others, take a look at some other similar houses and from that, you should start thinking on a price. You can also ask a real estate agent to work with you so you can find the best price for your home listing.
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Here are some signs that you are pricing your home incorrectly:
1. SIGNS OF BIAS
It’s normal to be attached to your property and have some sentimental attachment to it, but you can’t let that cloud your judgment. That’s why the help of a real estate agent will always be useful because a real estate agent is a third-party who is working on your behalf and trying to help you and sell your property for the best price you can get out of it.
Overpricing your house because you’re attached to it won’t help so be careful and be objective.
2. LITTLE TO NO SIGNS OF INTEREST AT OPEN HOUSES
The open house process is one of the most basic house-selling processes and if not anyone or very few people show interest on your property, that’s a bad sign. When you have an open house and you receive lots of offers, you’re going great and you can assume that your home has a reasonable price. So keep an eye on those potential buyers because they’re the ones who will let you know how you are going.
3. TOO MANY COUNTER OFFERS
If you start receiving just too many counter-offers, that’s another sign of bad pricing. And you’ll know that when you start noticing that the counter offers are always from less than what you’re asking for your property. You can always negotiate but you’ll make things easier to yourself by just placing your property out on the market at a reasonable price.
4. COMPETITORS PRICES ARE NOTICEABLY DIFFERENT
If you start noticing that properties with the same characteristics as yours are on sale for an average lower price than what you’re asking for your own, then you would know who’s working with bad pricing.