While selling a home in the Northern Virginia area
Is it smart to list the home bit above the real estate market comps ?
Is it dumb to be overpriced home in the real estate market?
Selling a home in the Northern Virginia area has many factors: the condition of your home, your motivation to sell , the strength and weaknesses of your home and local market condition.
For example, Your home may be located in a very desirable community, the floor plan is very desirable, your home has top of the line upgrades than you can try to secure a higher return value of your home.
However, if your home has selling challenges example home is situated on a busy street, lacks backyard, inside the home is a mess or high inventory in the area you are better off not being the most expensive listing on the market.
Pricing over the market is never recommended selling strategy by local professional real estate agents. Realtor know the market. They understand what market can handle. Implication of over pricing can cost alot of agony not just for the sellers but for Realtor along with their marketing dollars.
Apart from agony it could not also result in time lost and become a stale listing which attracts low ballers.
So what you should do as a home seller in the Northern Virginia area:
Be realistic when selling a home.
Understand the market and your competition.
Go visit your competitor’s homes.
Learn from showing feedback and evaluate your market position.
If overall the real estate market is slow or you are entering into a slower season offer incentives like broker bonus or a closing cost assistance to the buyers.
Don’t be the most expensive listing in the area.
Remember the home has to appraisal even if you secure a buyer who is willing to pay top dollars for your home.
Another objection I hear is “If I price is higher buyers can always offer lower price offer. ”
First, if you are not within their budget price point, they may not even be alerted via online listing alerts or their agent’s listing alerts. Second, if the price is too high, they will figure they cannot afford it and just move on. Plus I have to and tell you that most experienced buyers’ agents will tell their clients that your pricing is too high and that you are probably not a realistic seller.
Making offers can be a time-consuming process for the buyers and their agent. They want to spend time making offers on properties they can actually afford to buy and those where they feel the seller is motivated to sell.
Bottom line: Pricing is number ONE strategy for home sale in any real estate market! Be Smart home Seller.