It's instinctual when putting your property on the market, you want to get as much money for it as you can. Indeed, the majority of home owners after purchasing a home anticipate getting back not only all of their money spent but in addition a profit when re-selling it in the future. As a result of the current recession, many home owners are in a scenario in which they're under water & only hope to get the home sold without still owing anything.
The market in Austin will be different from the housing market in Indianapolis, and as such it's vital to keep in mind that all markets are local. Similarly, even submarkets should differ - like a condo real estate market vs. the single family house market. Still, it is paramount to understand that you need to be realistic when pricing your home, whether you're having a difficult financial scenario or not. Having a realistic price, in fact, is the key to helping to get your home sold for these three reasons.
#1 - Get Your House Sold Faster. One reason to choose a realistic price on your house is to get the house off the real estate market as quickly as is possible. This will not only mean you're more likely to command a better offer on your house if you move it fast, but it also helps you save money by ending your mortgage loan sooner. It's a known fact that homes that sit on the market for long periods of time are sold at a lesser price than those which are only on the housing market for a short amount of time. This is simply a result of listings becoming 'stale' after staying on the housing market for too long - buyers expect a drastic discount when this occurs.
#2: Broaden Your Buyer Market - You'll also raise the volume of potential homebuyers by having a realistic price on your house. Indeed, many potential homebuyers are going to just skip over your listing if you set your price too high because it's outside of their price range. So, simply put, you push away a large number of people who might have otherwise been interested to buy your home if you set a price that is too high.
#3: Attract Real Buyers - Attracting real homebuyers is another reason to pick a realistic asking price for your house. Individuals that are serious about purchasing a property will have already done their research regarding the homes in your neighborhood, and will already have a good understanding about how much your home should be worth. They're most likely to avoid it if they see that you've set an unrealistically high asking price for it - actually, several homebuyer's agents are going to advise their clients to steer clear of homes which are unrealistically over priced.
The bottom line is that homes that are unrealistically over priced do not sell nearly as easily or for as much as those that are reasonably priced. Setting a realistic asking price, thus, is going to get you the most money - despite that you may be tempted to raise your listing price to create a bit of room for negotiations.
The market in Austin will be different from the housing market in Indianapolis, and as such it's vital to keep in mind that all markets are local. Similarly, even submarkets should differ - like a condo real estate market vs. the single family house market. Still, it is paramount to understand that you need to be realistic when pricing your home, whether you're having a difficult financial scenario or not. Having a realistic price, in fact, is the key to helping to get your home sold for these three reasons.
#1 - Get Your House Sold Faster. One reason to choose a realistic price on your house is to get the house off the real estate market as quickly as is possible. This will not only mean you're more likely to command a better offer on your house if you move it fast, but it also helps you save money by ending your mortgage loan sooner. It's a known fact that homes that sit on the market for long periods of time are sold at a lesser price than those which are only on the housing market for a short amount of time. This is simply a result of listings becoming 'stale' after staying on the housing market for too long - buyers expect a drastic discount when this occurs.
#2: Broaden Your Buyer Market - You'll also raise the volume of potential homebuyers by having a realistic price on your house. Indeed, many potential homebuyers are going to just skip over your listing if you set your price too high because it's outside of their price range. So, simply put, you push away a large number of people who might have otherwise been interested to buy your home if you set a price that is too high.
#3: Attract Real Buyers - Attracting real homebuyers is another reason to pick a realistic asking price for your house. Individuals that are serious about purchasing a property will have already done their research regarding the homes in your neighborhood, and will already have a good understanding about how much your home should be worth. They're most likely to avoid it if they see that you've set an unrealistically high asking price for it - actually, several homebuyer's agents are going to advise their clients to steer clear of homes which are unrealistically over priced.
The bottom line is that homes that are unrealistically over priced do not sell nearly as easily or for as much as those that are reasonably priced. Setting a realistic asking price, thus, is going to get you the most money - despite that you may be tempted to raise your listing price to create a bit of room for negotiations.
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