The title of this column is a comment I have heard many times.
Another one is, “I have to get this much out of my home.”
I’m not trying to diminish a home seller’s needs or wants, but it’s kind of like my first car. This was a dirty, dark brown Gran Torino that burned oil faster than it burned gas.
I just knew it was worth $1,500 (I paid $400 for it), but that was before I had to put in a new engine.
OK, I’m sorry to everyone reading.
I’m not comparing your home to my crappy first car.
But, I am saying that arriving at the value of your home involves more than what you need out of it, and overpricing it does not mean you will always get an offer.
Here are a few considerations:
1. Evaluate similar home sales both in and out of your community. Be realistic when considering condition, lot and features.
2. Look at competition in and out of your community as well. You may be the best price within your subdivision but we know that buyers will be looking in a larger area. Just understand how you compare to those homes too.
3. Develop a strategy for who you think your “typical buyer” would be.
Think about what features or benefits of your home and community should be highlighted and then create marketing to match that strategy.
4. Finally, price appropriately.
Yes, people like to negotiate but typically you’ll get more money for your home without a price adjustment than if you had an adjustment. It is better to say no to low offers than not get any at all.