- If it’s too high, you’re likely to turn off buyers looking for the best price possible on their next home.
- If it’s too low, you risk losing out on a profit you could have made if you’d set the bar higher.
Deciding on a list price for your property is more of an art than a science. Still, we think we have some valuable insight for you today that may help make this process easier.
Central Ohio Real Estate for Sale
Here’s what happens when you set the ideal price on your Central Ohio home:
- Someone makes a purchase offer on your home quickly and with little hassle on your part.
- Your home sees plenty of showings and (consequently) exposure.
- A lot of real estate agents come by to inquire about your home for their buyers.
- Your home never becomes stale on the real estate market because it sells quickly.
- Your list-to-sales ratio is really good.
Unfortunately, a lot of Central Ohio home sellers make the mistake of overpricing their property.
While we understand how easy this is to do, it is important to avoid the temptation of overpricing your home. Often, home sellers will give us the following reasons for why they thought they were justified in setting a high list price:
- They added several upgrades to the home and overestimate how much value those improvements have added.
- They feel their original purchase price was too high and are trying to recoup their losses.
- They want plenty of room for negotiating down the price if necessary.
But frankly, the best strategy is to set the right price on your home right from the start.
Because if you set your home’s list price too high, here’s what you risk:
- You may miss buyers who are searching in your home’s price range but they miss your home because it’s in another price bracket.
- You may not get an offer within the first few weeks of putting your home on the market because the high list price turns off buyers. Then your home becomes stale on the market.
- Once your home looks stale to home buyers, you may find that more buyers are wary of buying your home because they are thinking something must be wrong with it if it’s still listed.
- Even after you decide to make a price reduction, it’s not likely to attract as many home buyers because buyers think a “New Listing” notice is much more attractive than a “Recently Reduced” notice.
Helping You Get Results on the Central Ohio Real Estate Market
This will, in turn, help you determine the right list price for your property.
We are your Central Ohio Real Estate Experts and we are more than happy to help you every step of the way as you navigate the Central Ohio housing market.
Have a great day!
The Raines Group