How Not to Price a Home

Some homeowners want to price their home for up to $30,000 higher than market value. They think by pricing the home higher, they leave room for low-ball offers. This thinking in theory is sound, but in reality, it doesn’t offer the results you’d expect.

house

Statistically, a home that is well priced will sell more quickly and closer to list price than one that is overpriced.  Realtors know they need not leave room for negotiations because today’s homebuyers are extremely well educated – they are market savvy and privy to much information via the internet and other valuable sources.

When homeowners price their home out of market range, they actually preclude themselves from the needed attention a home deserves when initially coming on market. The home will get stale after sitting on the MLS for a month, and the homeowner will have no choice but to see the price lowered. Lowered prices run the risk of leaving tough questions in the mind of potential homebuyers; they might begin to question the home’s appeal and wonder what could be wrong.

In addition, when the home is priced right, if the home seller is fortunate, a bidding war might ensue. Bidding wars among possible buyers have been known to give sellers more than what they were expecting.

The best way to price a home is to start by interviewing 3 top realtors. Find the realtor who has listed and sold homes within your price range and in your community. He or she will be best suited to price your home competitively, based on first-hand experience in your particular market.

About the Author

Katy Korby is the CFO of the Korby Home Team. Her passion is ensuring that our clients have an out-of-this-world experience selling their homes with the Korby Home Team. Katy comes to us with a diverse background and a unique skill set that enhances the client experience. Her attention to detail and care for people make her a wonderful asset to the team. Graduating with a degree in Theater, Katy has performed in numerous plays and most recently starred in a locally produced indie film that is being entered info film festivals around the nation. Katy’s experience in the work world include many positions within the accounting world including tax preparation, bookkeeping, and full-charge accounting. Most recently before joining the Korby Home Team, Katy was the Market Center Administrator for Keller Williams Integrity Realty in Roseville, where she was the full-charge accountant and handled budgeting and forecasting for the company as well as day to day operations and administration of an 80 person real estate office. Katy and her husband have two children, Libby and Calvin, and have lived in Como Park for almost two decades. In 2013, Katy completed the Tough Mudder 10 mile event and is a proud member of the “Finishers” group! For fun, Katy loves reading, photography and gardening and spending time with her family.