Sell Your Knoxville Home Fast – 5 Pricing Strategies You Should Avoid

Price is everything.

It’s the reason why you may buy something. Or, the reason why you’ll refuse to buy something.

The same is particularly true when it comes to selling your home. If you want to sell your Knoxville home fast, you’ll want to be sure that your home is priced properly.

Pricing is one of the largest things sellers struggle with. Sellers want to make the largest profit in the shortest amount of time possible and that’s understandable. Still, many sellers can get caught up in convoluted pricing strategies that greatly impair their ability to sell their home fast.

Here are 5 pricing strategies you should avoid when selling your Knoxville home.

Setting The Price High At The Start

One of the larges pricing mistakes you can make a seller is overpricing your home from the start.

Sellers will often think should start with a high price to see what happens, then they can lower the price later on. Unfortunately, this can be a critical mistake.

But, you’re really killing the odds of selling your home fast when you start with an outrageous price. Your home will be the hottest commodity the first day it hits the market. Do you really want to turn the buyers off from the start by overpricing it?

When you start with a high price, you’re home will likely require multiple price reductions and spend more days on the market. So, when it comes to pricing your home, set it right from the start.

Assuming $20K In Renovations  = $20K In Price

If you put $20K into your kitchen, it doesn’t immediately mean you can tack $20K onto your sales price.

This can be a tough concept for many sellers to grasp after they’ve put some money into their home. Obviously, if you put some money into your home, you’d like to see most if not all of the money back as an investment when you sell.

It’s important to know that certain home renovations have a better return on investment. Things like improving the kitchen, bathrooms, and outdoor space are all typically things that have a decent return on investment.

It can also be important to upgrade the whole house instead of just focusing on a few different areas. When just the kitchen is updated and the rest of the house is dated, the house can feel unbalanced.

Ignoring The Current Market Data

The single most important information about pricing your home will come from current data provided by other Knoxville homes for sale.

Your agent can provide you with information about homes that are currently for sale in your area as well as information about homes that have recently sold. This information will provide you with incredible insight in what a fair price would be for your home.

Sometimes this can be the hardest part to hear for many sellers. If the current market data indicates that the fair price for your home may be less than what you expected, it can be hard to handle.

In the end, you can do what you want with the data. But, time and time again, Knoxville homes for sale sell fast when they are priced competitively. If you’re having a really hard time with what your realtor is suggesting for a price, you can alway request more information on why they are suggesting that price.

Assuming You’ll Get What You Paid For The House

You may not get what you paid for your house. You may get more, you may get about the same, or you could get less.

It all depends what the current market is doing. You will get as much for your home as a buyer is willing to pay for it.

Before you put your home on the market, it can help to do some things around your house to ensure you get the best price possible. Basic things like repainting, freshening up landscaping, and giving your home a deep clean, are all things that can help you get the best price possible.

Failing To Consider How Buyers Search For Homes

Finally, when selecting the right price for your Knoxville home, it’s important to think about how buyers will be searching for homes. Particularly, when buyers typically start their home search online.

Let’s say a buyer is searching for homes between $150,000 and $200,000. Your home is listed at $205,000.  You’ll most likely be left our of their search with that price.

So, it can be important to think about what price ranges you’re targeting and if you’re able to price your home so you fall in between to different price ranges. This strategy can help you attract more buyers.

Are you thinking about selling your Knoxville home this year? Please let us know if there is anyway 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].