Know Your Homes Value

Underpricing your home can be useful in a hot market, but markets shift quickly and unsuspectingly, which can make this a risky strategy leading to loss of equity. Another reason not to underprice your property is that psychologically buyers suspect there must be a  reason for a property to be undervalued such as a defect in the home, leading to lowball offers.

Overpricing or over-inflating the value of your home can be detrimental to achieving maximum exposure to buyers when marketing your property, and this can be costly in terms of marketing dollars and the duration of time the listing stays on the market without any serious offers.  Time is not your friend when selling a home, it is important to get an offer on your home within the first two weeks of listing your property, lest the public be wary of an overzealous homeowner.

Understanding the behaviors of homebuyers in different market conditions is a practice just as important as accurately pricing your property. This strategy can yield the greatest results when selling your home, and it requires an expert Realtor to execute a proper pricing strategy that takes into account the comparative home values in your neighborhood as well as the economic market conditions affecting buyers and sellers of real estate in your area.