Louisville Home Pricing
You want to earn the largest possible profit when selling your home. But this desire shouldn’t inspire you to list your home at an asking price that is too high for your market. At this point, getting your Louisville home pricing right is the most important factor you can control when selling your home.
Setting an asking price that is too high will ultimately cost you money. Buyers are savvy today. They know better than to pay too much for a home. They read the newspapers, blogs and Web sites, and know that housing values have dropped by about 40 percent since their high point in late 2006.
You won’t like the results if you over-value your home: Your residence will sit on the market for months without generating any serious offers.
So how do you price your home correctly? Here are some tips.
Remove the Emotion
First, take emotion out of the equation. You raised your family in your home. You have deep memories attached to your residence.
But buyers don’t have this emotional connection to your home. They only see a property. They weren’t there for your daughter’s first birthday party or your son’s graduation from high school. Buyers are interested in one thing: Is your house a good buy?
If it’s not? If it’s priced too high? They’ll move on to the next house for sale in your community.
Listen to your Realtor
If you want to set the right price for your home, listen objectively to your Realtor.
A good Realtor will study the surrounding market. This professional will analyze what prices similar homes have fetched. Your Realtor will also consider whether your housing market has improved – both sales and prices are on the rise – or declined recently. Your Realtor will then suggest an asking price.
Most times your Realtor’s suggestion will be correct. Remember, this professional works in your real estate market every day. Your Realtor will have gained a feel for what kind of homes sell at what price points.
You might not agree with the Realtor’s suggestion. But if your Realtor presents you with real evidence – usually a listing of what homes similar to yours have sold for during the past six months – then you really have little argument.
Again, you can insist on a higher asking price. Don’t be surprised, though, if your home sits on the market without generating any offers.
When is it Time to Lower your Asking Price?
There might come a point at which it is time to lower your asking price. You’ll know the time is right if your home has been on the market for several weeks and you haven’t received any offers.
Your price might be too high, too, if you are receiving offers but they are consistently $50,000 or more under your asking price.
You have two choices when the offers aren’t coming in or when they are coming in too low: You can either press ahead in the hope that a better offer will appear, or you can lower your price to a level that is more realistic in your market.