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 How to Price Your Home Correctly in a Down Market
By: Christine Hancock
Sat, Aug 22nd, 2009 11:43 am

How to Price Your Home Correctly in a Down Market

When you decide to sell your home, your goal should be to get the highest price that you can. On the other side, the buyers will be looking to spend the least possible on purchasing your home. So there are steps you can take to help price your home correctly and eliminate or reduce the possibility of receiving so called LOW BALL Offers.

Pricing your home is the most important step in the sales process, if you price it to low you are leaving money on the table that should have gone in your pocket. You will probably get many showings if you price it too low but those showings ultimately cost you thousands of dollars. Losing money on what is probably your biggest investment. But if you price it too high you will completely drive away your target market. Buyers who have been pre-qualified in your price range will not even see your home. Buyers are very savvy today and they know home values. Once they perceive your home as Over Priced, they will just move on and not even look, there are too many correctly priced homes on the market to waste their time with an overpriced property. Once they label a property overpriced, even if you lower the price they are not likely to look at the home, they have already written the property off. The Real Estate community is unlikely to show an overpriced home, they want to make a sale and starting with a home that is overpriced is perceived as a losing battle and they just will not show your home. 80% of home buyers use a real estate agent so this is significantly reducing the amount of prospects viewing your home.

The other problem with overpricing your home is that you make all the homes around you look like better values. So while you are sitting around wondering why nobody is looking at your home, the homes all around you are selling. In the long run this exposure will be very detrimental to your home sale process.

Some home owners feel they need to price it high to leave room to negotiate. This is really a very bad way to look at selling your home, the most obvious reason is that nobody will even see the home to make an offer. Buyers are very well informed by the time they go to look at properties, they have done their research on the internet and know when a property is overpriced. It is generally believed that a home that starts out overpriced will sell for a much lower sales price than a comparable home. Because of the time it takes to sell these homes, sometimes a couple of years, a seller gets frustrated and jumps at a ridiculously low offer.

When a home 1st comes on the market you want to create excitement and have a steady stream of buyers through your home. This is when a home receives it's best exposure. If you price your home correctly right from the beginning you have the best possible chance of creating that excitement and having many people look at your home. Sometimes buyers have looked at everything and just watch the new listings as they come on the market each day, if your home is priced correctly they will look at it and in many cases make an offer after within the 1st couple of weeks.

There are many factors that go in to pricing your home and a qualified Real Estate agent is most equipped to help you in determining your homes value. Your local real estate agents are active in today's market, understands market conditions, knows the competing listings and can prepare a comparative market analysis to guide you in determining the correct asking price for your home!

About the Author:

Christine began her real estate career proving herself a top producer on a new high rise development. This experience gave her valuable knowledge of construction as well as the buying process and resulted in 4-million dollars in sales during her first year.

You can visit Christine Hancock's website:

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