Determining the right list price for a New Albany home for sale is probably the single most important thing a home seller can do.
Hereâ€™s why: If the price is too high, buyers will not likely even take the time to consider your home.Â If the price is too high, a Realtor may use your home to sell a similar but better priced home.
And since you have the most number of showings duringÂ the first couple of weeks after being listed, you won’t get those buyers back if you end up dropping the price several months down the road.
On the flip side, you donâ€™t want to set your list price too low because then you may lose some of your potential profit.
As your New Albany real estate experts, we understand how important it is to set the right list price on your Central Ohio home and are here to help you find the best possible list price for your home.
Continue reading to discover our tips for getting your list price right the first time around!
Central Ohio Homes for Sale
The common mistake that many New Albany home owners make is setting their list price too high.
Home sellers will often feel justified in setting a high list price because of any one of these reasons:
- Theyâ€™ve invested in a number of home upgrades which they feel adds significant value to their home
- They are trying to recoup their original price regardless of any change in the market.
- They want that extra room to negotiate down the price if necessary
Unfortunately, by setting their list price too high, home sellers often end up shooting themselves in the foot.
Hereâ€™s what happens when your homeâ€™s list price is too high:
- You wonâ€™t get an offer within the first few weeks of listing your home, which is the best time to sell your home
- After a couple of weeks of being on the market, your home will get fewer and fewer showings because buyers will view your home as a stale listings. Thus, it will be that much harder to sell your home.
- You will miss home buyers searching in the price bracket that your home really belongs because you set the price too high, causing your home to fall in a different bracket.
- Youâ€™ll help your neighbor sell his home before you sell yours. Thatâ€™s because buyers may look at the two comparable homes and see your neighbors home as a bargain next to your over-priced home.
Even when you decide to lower your homeâ€™s list price, you may be disappointed to find it doesnâ€™t generate the interest youâ€™d hope for.
Thatâ€™s because buyers are more drawn to â€œNew Listingsâ€ alerts than â€œRecently Reducedâ€ alerts.
In fact, for some buyers, â€œRecently Reducedâ€ alerts may say to them that something is wrong with your home, decreasing the chances that theyâ€™re willing to buy your home.
On the other hand, hereâ€™s when you know youâ€™ve set the right list price on your New Albany property:
- You sell your home quickly and with relative ease
- Your home immediately gets a lot of scheduled showings, giving it more exposure
- Plenty of Realtors call to gather information about your home for their home buyers
- Your sales price is very close to what your original asking price was.
List Your New Albany Property for Sale Today!
Determining the right list price on your New Albany home can be a difficult thing to do, especially if youâ€™re not working with experienced Central Ohio REALTORS like us.
While youâ€™re at it, make sure to check out all of the incredible home selling resources we offer to sellers online, such as:
Until next time,
Kate & Tony