The Honest Truth about Your Home’s List Price

sebfreyCommentary

Watch this Video First I want to be brutally honest with you about something that’s going to be very important to know, should you decide to put your home up for sale. It’s about the price that you choose to put your home on the market for. I want to give you the honest truth about your home’s list price. Ready? Here it is: in most cases, your home’s list price actually has little to do with what your home is going to sell for. In reality, your home’s list price is actually all about your marketing strategy. When deciding on a list price, one of the key questions you want to ask yourself is, “How long do I want my home to be on the market?” It is perhaps not surprising to hear that the higher the initial listing price (relative to competing properties for sale in your market), the longer you can expect it will take for your home to sell. Sales statistics show that the longer your home sits on the market, there is an increasing likelihood that your home will sell for less than list price, and that typically, the longer it sits, the greater the “discount” off list price. It’s a hard way to learn that you’ve overpriced your home. Funnily enough, sales statistics also show that the opposite is true: when homes sell quickly, they often sell at full asking price, and in our market, they commonly sell for a healthy premium over asking price. So when it comes to … Read More