When you sell your Knoxville home, pricing your home is the single most important decision you will make. Pricing it right will ensure you get an offer quickly, while pricing it high could allow your home to sit on the market for months.
Unfortunately, pricing your home isn’t as easy as you may think. Oftentimes, sellers will make critical pricing mistakes that will waste them time and money.
Here are 4 pricing mistakes that sellers must avoid when they seller their home.
One of the largest mistakes that Knoxville sellers must avoid is allowing their emotions to rule when they think about pricing their home.
There is no denying that you may get a bit emotional about selling your home. It’s been your home for some time. You’ve got memories there. Your reasons for selling your home may also cause you to get a bit emotional. You may be finding it hard part with a place you’ve spent so much time in.
Still, the decision of how to price your home needs to be a business decision. Emotions play no role in how you should price your home. If you allow your emotions to rule, you run the risk of pricing your home incorrectly, which can cost you a great deal of time and money in the end.
Another big mistake you can make when you’re pricing your Knoxville home is trusting the internet. Sure, the internet is full of tons of useful information. Unfortunately, there is a lot of really bad information out there.
There are many websites (namely, Zillow) who offer to give you an estimate of your home’s value. The unfortunate part is that the number is generated by a computer. There is no real bearing on factual information with these sites.
The internet is no replacement for a real, live Realtor. A Realtor can walk you through what has sold in your area and what is currently listed. Based on that information, they can help recommend a price for your home. Ultimately, it is your decision how you initially price your home, but it can be helpful to have a true understanding of the prices in your area.
So many sellers think they have time to test the waters pricing their home when they’re not in any hurry to sell. This is another common pricing mistake Knoxville sellers should avoid.
The reality is the longer your home sits on the market, the less of a hot commodity it is. When a home first hits the market, it is something new and exciting for buyers. But, once a home has sat on the market, buyers start to see it as something less interesting. This is why home that have sat for awhile take more price drops that those that are priced competitively from the start.
If you’ve got time, don’t think about starting to sell your home until you’re serious. Pricing your home competitively will help it sell faster and for the best price.
Finally, pricing your home based on the wrong reasons can also be a mistake that Knoxville sellers must avoid. There are so many times sellers want to price their home based on what they bought it for or based on the improvements they’ve made.
The reality is: a home is only worth what a buyer is willing to pay for it. So, pricing your home based on the fact that you put $20k into the kitchen or what you bought it for last year.
When you base the price of your home based on the wrong facts, you only set yourself up for failure.
Are you thinking about selling your Knoxville home this year? Please let us know if there is any way that Knoxville Home Team can assist you. Rick can be reached at 865-696-9002 or via email at [email protected]. Kati can be reached at [email protected].
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