Your asking price is likely the most difficult - and crucial - decision you'll
make when you put your house on the market. Ask too little and you risk leaving
money on the table unnecessarily. Ask too much and you may scare off potential
buyers. Most Sellers set their initial asking price at an amount somewhat higher
than they are actually willing to accept, fully expecting a buyer to open the
bidding with a lesser amount.
While price is the most frequently negotiated item in any home sale, you may
be able to creatively provide financial value to your buyer - without lowering
the price alone.
If you are serious about selling, don't price yourself out of the market. Overpricing
is, by far, the most common error sellers make. Although you might think of
it as "leaving room for negotiation", you might only scare off potential buyers
who could pass over it for more reasonably priced homes. They can't buy it if
they don't see it, so get them in the door. Better to stand firm on a lower
asking price than risk discouraging buyers and creating a stale selling environment.
To help you determine your asking price, contact a CRA (Certified Residential
Appraiser) for a full market analysis and property appraisal and then set your
asking price accordingly.
© February, 2004 - Xstream Realty Incorporated
About the Author
Amie Walton is the president and founder of Xstream Realty, a Virtual Agent for managing private real estate sales over the internet. As an Accredited Staging Professional, Amie also operates Xstream Staginga Home Staging business located in Nova Scotia, Canada.