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Pricing Your Home Right Is Key to Getting it Sold

Pricing your home right is key to getting it sold

When selling your home, you want at minimum, the sales proceeds to pay off your mortgage and cover your closing costs and fees. Ideally you would like to make some extra profit for your upcoming home purchase or whatever else you have in mind.

If you want offers to come in that live up to your expectation you should consider strategically pricing your home below market value. So many times sellers have tunnel vision and can't see past the asking price and will list with the real estate agent that tells them the most they can list their home for when really the better strategy would be to find an agent that markets well and knows how to deal with multiple offer and list your home below market value, NOT above. This is a great strategy not only to sell your home but to sell fast and for top dollar.

Listing your home below market value could seem counterintuitive but it works! The worst thing you can do is price your home above the market. Going a bit low draws attention to your home as soon as it hits the market and encourages buyers to make competitive offers, so they don't miss out on the hot deal.

Pricing your home low works well in a sellers' market, when the demand for housing exceeds the supply. There are more buyers contending for fewer houses, raising the stakes of the competition for the perfect home. Pricing your home low if you need to relocate is also one the best way to accomplish a quick sale.

Pricing your home for sale

On average luxury homes sit on the market twice as long as homes that are in the mid to low range. Sellers of luxury homes usually list high and wait to see if anyone bites on the price, while buyers in this price range sit and wait to see if prices will drop. The best thing to do is cut to the chase, price the home on lower end and see interested buyers hustle to submit their offers.

Like all strategies, pricing your home low has its risks: your home can sell for closer to the low listing
price than your target or it might sit on the market while you wait for more competitive offers. However when pulled off, this strategy can help you sell your home quickly for a great price.

Your best bet at making it work? Collaborate with a top real estate agent They'll have the expertise necessary to evaluate if strategy will play in your market and to set the right listing price. They can then assist with helping you prepare your home for viewings and generate buzz with a marketing campaign to attract the attention necessary to inspire a bidding war. Be sure to discuss the possible outcomes with your agent so you're prepared to live with the best and worst-case scenarios.

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