You’ve probably heard that, when it comes to real estate, it is all about location, location, location. That’s not necessarily true. You can’t change where home is located. You DO have control over what price you list it for sale. When it comes right down to it, proper pricing is key to selling any home. One of the biggest mistakes a homeowner makes when trying to sell their property is pricing it too high. A buyer doesn’t care that you spent $50,000 updating your kitchen or that you still owe a certain amount of money on your mortgage loan. While the kitchen looks fabulous, a buyer may still walk out the door, especially if there is a similar house in your neighborhood that they can purchase for less money.
Take the “personal” out of the equation. Sentimental value is priceless. Your house, on the other hand, is not. Your home has an actual value that doesn’t take the “sentimental” into consideration. Talk to local real estate agent about running a comparative market analysis to find out what homes in your neighborhood have sold for in the last couple of months. Your agent will most likely have a better grasp of the current market trends in your area than you will, considering they deal with it day in and day out. Listen to their advice.
You may be thinking to yourself, “I should price my home at the higher end of the spectrum because I know someone is just going to come in and undercut it.” This can be a dangerous game to play because a high sales price can turn away a serious home buyer. When your home sits on the market for a while, you will most likely have to cut your price to generate more interest. The downside of reducing a price is that it creates doubt in the minds of buyers and their representatives as to why your home hasn’t sold yet, ie, what’s wrong with it? Studies have shown that a house with an initially high sales price typically ends up selling for less than a similar home that was appropriately priced right from the start. It is a fact that houses that are priced right from the beginning sell quicker and with less price reductions.
Avoid the hassle of dealing with reductions in price and too many days on the market. When selecting a real estate agent ensure that they have experience and in depth knowledge of your local market, they will then set you on the right track to selling your home at the best price and the least amount of time that the market will allow.
If you would like to know what your home is worth or want recent local statistics contact The Lacerda Team at Berkshire Hathaway Home Services New Jersey Properties. Their offices are located at 225 Maple Avenue South Plainfield, NJ. They can be reached at 908-578-1166 or by email at Homes@LacerdaTeam.com. The Lacerda Team has been a top producing real estate team for over 19 years with a proven record in the Central New Jersey real estate market.
The Lacerda Team
Berkshire Hathaway Home Services
New Jersey Properties
225 Maple Avenue South Plainfield, NJ 07080
908-912-5260 direct office