When the time comes for you to sell your home, would you like to sell your home for the highest price? I can’t imagine any homeowner not answering “yes” to that question. So, now that we know what all seller’s want; all we need to do now is determine the best way to go about reaching that goal.
Asking a higher price often doesn’t bring you the highest price..
Simple logic may tell us that, if we want to sell a home for the highest price possible, to make sure we ask a high price for it. However, as the data below will illustrate, this that normally the case. In fact, if a home is listed for a higher price than the optimum listing price it may very well result in it eventually selling for less than it would have if priced at a lower, more accurate, price to being with.
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Asking the “right” price may not work well either if the marketing or timing is wrong either…
A major component of being successful in selling your home for the highest price is pricing it at the right price from the outset. Often, the “right” price may actually be less than what your home will sell for. This the case when there is good market demand for your type of home, location and price range and multiple offers are expected. Pricing your home at the lower end of the range will make it more attractive to more buyers and incentivize buyers to put it at the top of their list to see, and then to act quickly if it is the home for them which often results in you receiving offers above the asking price. However, if your home does not receive the appropriate market exposure (including being published in the MLS, including the 1000’s of websites it will appear on through syndication from the MLS as well) and is adequate time is not allowed for interested buyers to view your home and submit offers before you accept an offer, then you may end up selling your home for less than the maximum price that was possible.
Time is not a seller’s friend…
The chart below is one I prepared based upon data from the National Association of REALTORS® 2018 Profile of Home Buyers and Sellers. There are two things I have charted. The first (represented by the red line) is the percentage of the current list price (at time of sale) that sellers received for homes sold in 2018 based upon the time it took to sell their home. The second (represented by the blue line) is the percentage of seller’s that had to reduce their asking price one or more times, again based upon the time on the market. The result shows a double-edged sword: the longer a home stays on the market, the more apt it is to have one or more price reductions and then, at the same time, the seller will receive a lower percentage of the asking price.
Percentage Of Asking Price Homes Sold For Based Upon Time On Market
Copyright ® 2019 MORE, REALTORS
As you can see, homeowners that had their homes priced properly from the outset fared well. They received a median of 100% of their asking price and sold their homes quickly. Seller’s that didn’t price accurately took longer to sell, lowered their price, then had to accept a smaller percentage of their asking price.
Do you want to know the right price for your home? Contact me and I’ll connect with you a great agent that can help you!
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