If you’re thinking about selling your house, condo or other piece of Madison real estate, you’ve likely wondered where you should set your initial selling price. Your sales price is one of the most important factors in your sale, and in today’s post we’ll share a few reasons why you need to get this right in order to achieve a quick, successful sale.
Your Listing Price is a Buyer’s First Impression
As you can expect an initial burst of buyer interest when your home first hits the market, it’s important that you make a solid first impression in order to snag those serious buyers who come across your listing. The price range in which you offer your home is one of the first things that buyers and real estate agents will check in order to determine whether or not it’s worth scheduling a viewing and continuing in the process. Generally speaking, you can expect a significant amount of interest in the first days and weeks after your listing goes live – if you have priced your home incorrectly from the start, you can miss out on the majority of these serious buyers.
Overpricing Can Seriously Harm Your Sale
One of the easiest ways to ensure your home stays on the market for a long period of time is to overprice your listing when compared to other, similar homes and what the Madison real estate market will reasonably bear. Most buyers will shy away from a home that appears to be overpriced as they don’t want to bother with what could be a lengthy back-and-forth negotiation in order to get the price down to a more reasonable level. Also, don’t forget that the majority of buyers begin their search online on websites like this one, and many will use the price range tool to find listings. If your listing is priced outside of the typical range far fewer buyers will see it.
Underpricing Means That You’re Losing Money
While overpricing can be harmful to your sale, underpricing is almost certainly going to be harmful to your wallet. If you price your home at less than you can reasonably expect for it, you’ll be leaving equity behind that will effectively transfer to the buyer. While some believe that undercutting the local competition can help to speed up the sale, it can also lead to buyers questioning whether or not there is something wrong with your home that they might need to repair later. It’s best to avoid discounting your listing unless there’s a very good reason. You spent years building up your home equity – it’s time to realize that return on your investment.
How to Price Your Home Effectively
Choosing the right selling price for your home requires careful inspection of the Greater Madison real estate market including what similar homes in your community have recently sold for. When you’re ready to move forward with selling your home, contact Nicole Charles & Associates at 608.622.SOLD and we’ll provide you with a full home evaluation and our expertise on where to set your selling price.
