February 26, 2024

House Innovations

My Home Improvement Blog

Home Sale – The Right Price Tag

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Selling a house isn’t something that you can handle on your own if this is your first-time home selling. There is a lot at stake and things can wrong at any stage of the sale process. The set price may be too high or too low, marketing efforts may be lacking; you may even fail to distinguish between a strong offer and a weak one in a given market condition. Here, we will discuss what happens when the price of the house isn’t right, at least according to your prospect buyers. 

When your house in Manlius NY is priced high, especially when the market is on the buyers’ side, it is natural to generate little or no interest from prospects. Who would want to look at a pricier house when money is tight and other houses on any real estate listings manlius ny are a steal? Not only that, the buyer will come to a conclusion that the seller is out of touch with reality or difficult to work with as well. Even if the price justifies the incredible features and add-ons, they may feel that given the downturn, spending on the upper end of their budget is stupidity. Only a couple of buyers will take a tour, and even if they seem interested at the first open house, they may not come for a second showing. 

On the flip side, when the house price is set a reasonable level that matches with the current market sentiments, it is likely that the buyers’ interest will perk up. Potential buyers may even act upon the low-price tag by pushing their agents to make the purchase as quickly as possible fearing that they may lose the deal to someone else. At this point, as a seller, should you sit it out and wait for things to take an about turn in your favor so that you can up the price and coup up a reasonable profit? Or should you let the house go to whoever makes the first bid? Remember that, the longer the house sits on the market, the more likely that potential buyers will doubt the integrity of the structure or overall condition of the house. The quicker the sale, the chances of buyer speculating that the seller is desperate to get rid of the property for some hidden reason are high. Instead, set the price right and wait for a sensible amount of time before making the sale. This way you will also be in a better negotiating position with the prospects. 

Of course, you can’t do all of these if you are a first-time home seller. A reliable agent’s help may become inevitable. Your agent will be able to bear many of the anomalies in the sale process and come up with a plan to ride out the tough market conditions. The bottom line is that hiring the right agent who does a quality work, not a trial and error run, will justify the commission.