Pricing a home can be one of the toughest parts of selling it ? if the price is too high, nobody will come see it, but if the price is too low you could end up losing money on the deal. Here is some advice on how to pick the number that?s best for you.
Bonnie from the Nashville TN Housing Market asked?
?I?m putting my home on the market soon but I?m trying to decide on an asking price. My father says I need to ask at least $10-$20,000 more than I expect to get because the buyer will want to negotiate that much. Do you agree??
With all due respect to Bonnie?s dad, back in the day we used to do it that way. But now it is more important to understand that 90% of consumers are going online to do their research before they ever come out and look at properties and the number one issue is price.? That makes it really, really, really important to price it very close to where you want to sell it because you?re going to get more people to look at it online.? And, when you get more people to look at it online, you?ll get more people to come look at the house. Remember that we need to get people emotionally attached to the home and we can?t do that if we?re playing with numbers that are out of the ball park for the property.
Skip and Cindy from Goodlettsville also had a question about pricing?
?Our home is currently on the market and our agent has suggested that we offer through MLS to any potential buyers, our refrigerator, washer, and dryer to help it sell. We see you on Channel 4 and wanted to get your thoughts on the subject before doing so. Will it help our home sell??
I hear this question all the time, and I actually see it in practice all the time; where people are including a lot of things. What happens is that those items become a gift and people forget about gifts ? it is human nature. What you want to do, is if somebody offers you one price that is not satisfactory, counter with another price and THEN include your refrigerator, or your washer and dryer, or whatever is negotiable that you might have. But don?t throw it in initially because it just becomes a gift and then there is no value in it.
Carrie is trying to Sell a Home in Franklin TN and she asked?
?My agent suggested that I pay a $1,000 bonus to the selling agent and that would help my home sell. Do you believe this is a good idea??
I see this practice a lot because when a home hasn?t sold someone suggests a bonus, but it ends up being counter-productive. If I?m out showing a property and the buyer sitting next to me says, ?Can I see the information on the next property?? and I hand it to him and he says, ?Oh, you?ll get a bonus if you sell this property.?
It is human nature for him to right away start feeling some reluctance because now I?m no longer objective since there is a benefit to me, over and above the normal amount, because I?m going to get a bonus if I sell this one. So now I?m no longer their advocate so much ? I mean it is human nature to think that way. So I always felt some resistance on the properties where the consumer sees there?s a bonus attached to it. My suggestion would be to lower the price $1,000 instead because that?s where the real factor is.
Before we answer the final real estate pricing question today, go ahead and take a look at a success case study in the Maplewood Subdivision out in Franklin TN.
Jim from Mt. Juliet asked?
?I?ve heard you say in this market you must price your home right or it will not sell. I?m concerned that if I price it as low as I probably should, that people will make offers way lower than my asking price. What can I do to keep that from happening??
That is a good question, and I hear it a lot.? Here?s the fact: we can?t control what somebody might offer, but I would rather that you had 10 offers to say no to, than sitting here six months from now twiddling our thumbs because nobody has cared enough to come into your home and look at it seriously. Remember, people buy homes through emotion. We can?t get them emotionally attached to the home if we can?t get them in the front door.? And, pricing is the number one issue. We?ve got to make it look like a good value because we are competing with distressed sales.
So my suggestion is to price it as low as you can, and we?ll negotiate from there. We can?t control what somebody is going to offer, but we can control what you?re ultimately going to take for the property. This is an emotional decision and you have to get people in the front door; you can?t do that if you price to high.
Let?s take a look at some Happy Customers?
Frank and Mary Jane had their home listed at $309,900 for six months with another agency. I was able to come in and price it $299,000 because I offered my ?We Sell Homes For Free? program to them because they wanted to buy another home. We were able to sell their Spring Hill home in 61 days for 98% of their asking price because they broke through that $300,000 barrier. They got the same amount of money as they would?ve gotten when they were listed at $309,900 with the other commission rate.
If you are looking for a hard working realtor who specializes in Brentwood TN Real Estate and the surrounding areas please contact me and I?d love to help you with your real estate needs.
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