Would You Buy It at this Price?

Would You Buy It at this Price?

If you ask too much for your home when placing it on the market, you should ask yourself if you would pay this price yourself. The honest answer is usually "no." Yet, many homeowners overprice their property and then expect their Realtor to work a miracle and sell the home at the inflated price. Why do people price their homes too high?
*THEY COULD ALWAYS MAKE AN OFFER - This often quoted remark is a fallacy. Buyers don't make offers on homes they don't visit and they won't visit homes that are obviously overpriced.
*WE CAN ALWAYS REDUCE OUR PRICE LATER - The longer a home remains on the market, the less it sells for. Once a property gets market weary, buyers and Realtors begin to suspect there is something wrong with the house. The best time to price it correctly is at the outset. It will make a strong first impression and the word will get around that somebody had better buy it quickly before it is sold. So, if you are inclined to price it right, sooner is better than later.
*I NEED THIS MUCH TO BUY MY NEXT HOME - Your present home has a certain value regardless of how you plan to use the proceeds from its sale. If you put unrealistic expectations on the sale of your present home in order to get enough money to stretch into your next home, you will probably not be successful in selling this home and lose your opportunity to purchase the next one.
*ADVICE - When setting an asking price, remember to ask yourself if you would be willing to pay this price if you were buying your existing home, always ask for the latest market facts.