Selling in Austin? Avoid this $25,000 Mistake!
The goal when listing your house is to maximize visibility and to drive traffic to the listing. You should be careful to present your house in a way that will increase demand so that more Buyers express interest and possibly submit offers.
The $25,000 mistake made by Sellers is to over price your home. The mistake is not pricing it to sell immediately. By pricing it to sell quickly you are attracting the most amount of Buyers for the home and gives you the best chance to garner multiple offers. You want to get Buyers competing with each other, because competition is expensive. If they want to win, there’s one path and it’s called Sellers Net Ave.
I’ve had Sellers who think they should price their house on the high end to leave room for negotiation. This Pricing Strategy although merited is more likely to deter Buyers, and here’s why. Buyers are much more educated than they ever have been. Buyers don’t solely rely on the expertise of their Realtors for what a “good price” should be for any given listing. They have the data, and they’ve been watching the market like a hawk searching for prey. A Home Buyer’s abilities to spot a deal are becoming almost instinctual.
When a home is overpriced, it tends to sit on the market longer than it’s more competitively priced counterparts. When a home sits on the market it makes Buyer’s wonder what’s wrong with the property, physically. So not only do they realize it’s overpriced, but they now wonder if it’s even worth their time to look because there must be something wrong with it. Couple that with a backdrop of historically low inventory -- you now have to overcome poor perception from multiple angles.
If your house has been sitting on the market too long, the most obvious thing to do next will be a PRICE REDUCTION. Ugh, dreaded. Now instead of the market chasing you, you are chasing the market. You are no longer the Hunted, you are the Hunter. (yes, I’m aware being the Hunter is typically the best position to be in, but when Selling your Home, it’s the opposite, thx). Now that we are chasing the market, Buyer’s smell blood in the water, they sense an opportunity to negotiate the price down.
If you finally get a nibble from an interested Buyer who might be considering an offer, (we live in Austin, TX, someone will definitely be interested in the home at some point) they will certainly send you an offer they know you won’t take, just to see what you will counter with. They’ll send you a low ball offer and you’ll be so eager to get the deal done that you’ll respond with something close to your bottom line. This happens regularly, and it cost’s Sellers thousands of dollars.
Any house will sell for the right price. The trick is to get your house listed at a price that will attract the largest number of Buyer’s possible who will compete for the rights to buy your house by offering you lots and lots of money. That’s my job. I’m very good at my job. Click the link in the description for a free home evaluation. There’s no obligation, I enjoy what I do and if I can help you on your path, that’s what makes me happy. Thanks for reading!