Wiggle Room Equates to Overpricing
When pricing a home for sale, it’s interesting how many sellers feel the need to build significant “wiggle room” into the listing for fear that a buyer might give them a low-ball offer. Although I understand the idea, in practice, this strategy really works against a seller.
When buyers search for properties at a certain price point within a specific location, they expect those homes to be in a condition with amenities appropriate for the list price. When sellers build in too much wiggle room, they overprice their homes and buyers who visit leave disappointed and move on to other properties for sale that are more appropriately priced. In essence, overpricing a home helps the competition sell first.
So how do you know when you’ve priced your house too high?
• If your home has been on the market 90 days or more, your house may be overpriced for its location or condition.
• If you aren’t getting many or any showings, it is time to drop the price.
• If you have had 15 showings and no offers, buyers are subtly telling you that you are asking too much for your property compared to other similar homes for sale.
What happens if you price your house at fair market value and a buyer makes a low-ball offer? You don’t have to accept the buyer’s offer; you can negotiate the sales price. Just remember that you can’t negotiate anything if you don’t get an offer.
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Your Naples Realtor,