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When it comes to selling your home, the asking price is one of the most important factors to consider. It can determine how long your home stays on the market, how many offers you receive, and ultimately, how much money you get for your property. Just ask Danielle Sette and Jessica Davidson of Team Sette/Davidson at ERA Justin Realty. “It’s like Goldilocks and the Three Bears,” says Sette, “It can’t be too high, it can’t be too low. It has to be just right.”
Sets the Tone
Your asking price sets the tone for negotiations. If you price your home too high, buyers may be scared away or may not even bother to make an offer. If you price your home too low, you could be leaving money on the table.
Time on the Market
How long your home is listed makes a difference. “A home that is priced too high is likely to sit on the market longer,” says Jennifer Darby Metzger, Broker/Owner of ERA Justin, “That could make buyers think there’s something wrong with the property.” Whether that’s true or not, that assumption can make it harder to sell your home and could lead to a lower selling price.
Offers
The asking price can impact the number of offers you receive. A competitively priced home will attract more buyers and generate more offers. This can give you more leverage during negotiations and may help you get a higher selling price.
Closing Price
Finally, your initial asking price can affect how much you get at closing. “If you price too high, you may not get any offers at all. And if you do, they’re likely to be lower,” says Davidson, “And if you price too low from the start, you will probably get even lower offers.”
Bottom Line
How do you determine the right asking price for your home? There are a number of factors to consider, including your home’s location, the condition of the property, and recent sales of comparable properties in your area.
Experienced real estate agents like Danielle Sette and Jessica Davidson or any of the knowledgeable agents at ERA Justin Realty can help make sure your asking price is just right. Give us a call at (201) 939-7500.
