Myths about Home Pricing

It’s no secret that every seller wants to sell their home for the best possible price, as quickly as possible. However, that goal is easier said than done, and requires a certain approach to the home sales process that many owners are unaware of. Without proper home sales experience and an understanding of how the market works, it can be difficult to secure the results you’re looking for.

Unfortunately, many homeowners seek information from all the wrong sources, and end up placing facts in everything but the truth. To help you avoid falling into this category and find success in your selling endeavors, here are some of the most common myths about home pricing.

Home Pricing Myths to Stop Believing

1. We Got an Offer Right Away, We Must’ve Priced Too Low

If your home is properly priced, you should be getting offers within the first few days or week after listing. You may even get multiple offers over the asking price. In a seller’s market like the one we’re in now, inventory is low and demand is high, which means offers will come in faster than usual. It’s critical to trust your real estate agent to know your market and price your home accordingly.

2. Let’s Just Wait It Out, The Right Buyer Will Come

These are two myths with essentially the same principal: the longer you wait the better your chances at selling at the “right” price. Waiting for the right offer or the right buyer because you are set on getting a certain amount for your home no matter what the market looks like is not a promising sale point for you or your home. The longer your home sits on the market, the less negotiating power you have.

3. We Need More Open Houses for Higher Prices

A common myth about open houses is that the more you have, the more likely you are to get a higher offer on your home. According to the National Association of Realtors, only 2 percent of home s are sold at an open house. So, having an open house every weekend will not bring in a higher price or help your home sell faster.

4. Zillow Says It’s Worth More

Please don’t use Zillow to estimate the value of your home. Although Zillow has been working fervently to improve their system, the Zestimate system is still an extremely broad range of what your home could be worth. It’s in no way close to complete accuracy, at least not yet. Remember that they have not previewed your home, made note of special features or benefits and can only base the estimate off algorithmic data rather than a real-time look at the worth of your home within your neighborhood.

5. Let’s Go High, We Can Always Lower the Price Later

Unfortunately, overpricing your home isn’t easily fixed by simply lowering the price later. Once your home lingers on the market for more than a month, buyers start making assumptions about the state of the home. Lowering the price once, twice or even three times is a huge red flag to potential buyers and can result in a lack of offers or offers below you’re now reduced asking price.

Sell your Home in South Orange County

The best way to accurately price your home begins with choosing a reliable real estate agent in Ladera Ranch. Finding a trustworthy realtor from the start, who’s looking out for your best interest over their own, will help you ensure that your home is properly priced.

Also, look for a realtor who has a strong understanding and working knowledge of the real estate market as it relates to your specific neighborhood. If you’re looking for an experienced Ladera Ranch or South Orange County real estate agent, contact me today to discuss how I can help you sell your home.