Five Most Common Pricing Mistakes When Selling a Home

Though a homeowner may not realize it at the time, one of the most common mistakes for selling a home has something to do with pricing. Though you may have done your homework on the value of the home, you may have still made a mistake or two that prevents you from getting the home sold as quickly as possible. Below are some tips to keep in mind when determining an accurate price for your home.

  1. Disregarding Prices of Recent Home Sales Near You
    Not pricing your home relative to the price of homes that have been sold near you can be a huge mistake. The best way to get an accurate gauge on the market value of your home is to gain information on what recently sold homes near you have sold for. Without this information, it’s nearly impossible to sell your home for an accurate price.
  2. Placing Too Much Emphasis on Square Footage
    Though a larger home can typically be expected to sell for more than one half its size, basing the price of the home entirely on the square footage of the home can be a major mistake. Remember that the quality of what’s inside the home is worth more than the size of the home itself. If your home leans towards the larger side, but it still has other shortcomings, don’t be surprised if the home half its size sells at a higher price.
  3. Not Being Willing to Budge on Price
    One mistake that could negate all the hard work you’ve done to get your home on the market is not being open to negotiations with a prospective buyer. Not being able to move on your price could mean your home stays on the market for much longer than you might have anticipated. Before you set your price, you have to decide if receiving the entire asking price is more important to you than getting your Colorado Springs home sold as fast as possible. If your goal is to sell your home fast, your best bet to do that is to remain open to negotiation.
  4. Getting Home Maintenance Confused With Home Improvement
    It’s normal to make one or two home improvements around the house before deciding to list your home for sale. The downfall most homeowners encounter is mistaking the home improvement for maintenance. Maintenance being up to code is an expectation prospective buyers already have in mind. Home improvement, something like a brand-new roof could be considered home improvement, and would be worth charging a little extra for. Don’t settle on a price tag for your home without making sure you’ve made the proper distinction between the two.
  5. Overpricing The Home in General
    It’s not common to see a home overpriced, but it is uncommon to see that method work out for the seller. Overly inflated prices typically reflect how the home is viewed by the resident currently lives there. Prospective buyers who are indifferent on the home are likely to be scared away by a price tag that isn’t close to the valuation they see fit. Though it sounds tempting, try not to overly inflate the price of your home.

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