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Inman New York recently ran an article called “6 massive pricing mistakes homesellers need to evade,” and it was a highly informative piece that I will share with you at the end of my quick introduction. Pricing is imperative if you are trying to sell your home, yet the pricing process is not a purely scientific one: you can look at active and sold listings to get an idea about where a home should be listed, but various factors can add to or take away from the number tabulated in a comparative market analysis. Joseph Rand, who wrote the article, hit the nail on the head when he selected these six pricing mistakes that so many sellers make:
- “Pricing to the unsolds, rather than the solds.” As he explains, the unsold houses in your neighborhood are likely priced too high, whereas the ones that have closed were clearly priced correctly, so their numbers are more important than other active listings.
- “Overvaluing the amenities.” While upgraded finishes are lovely, chances are that they will not double the value of your home. While a whole-house generator might allow you to command a higher asking price than a house without it, it is not likely to make your house $100,000 more valuable than your neighbor’s.
- “Trying to get full value for improvements.” Like the aforementioned upgraded finishes, improvements to your home will not necessarily add the full value that a seller anticipates. If John paid $40,000 for a new roof last year, then he cannot simply add that amount to a realtor’s suggested list price. Like driving a new car off of the lot, the new roof’s value went down the moment the last nail was hammered in place (read the article below – Mr. Rand does a good job of explaining this).
- “Pricing based on what the sellers ‘need.’” Many sellers decide that they want or need to net a certain profit by selling their home and become so focused on that number that they ignore comparable closed sales. This is a big mistake because it truly is not based on reality. Sure, some people probably get lucky and sell for a number that meets their need, but that is all that is – luck.
- “Falling in love with the AVM.” Automated valuation models such as Zestimates are despised by the vast majority of the real estate community because, as Zillow admitted, they are simply a starting point.
- Nod adjusting to the market’s reaction. Many sellers set their price and simply ignore what the market is telling them – are they getting showings, are people making offers? If not, then they are priced too high and it is time to adjust. If there is a bidding war, then the home was either priced exactly right or possibly a little low, and by driving the price up, the potential buyers are correcting price on their own accord.
Click the link below to read the article from Inman, and the next time you are selling a home avoid these 6 Massive Pricing Mistakes Homesellers
If you need help buying or selling a home give Ashley Cusack a call at 305.798.8685, or visit her website at: Luxury Miami Real Estate.
My focused dedication as a realtor in my home town of Miami for over 25 years, consistently puts me at the top of my field. Whether you’re looking to buy or sell your home, let me help you from start to finish with my results-proven: professional marketing, excellent property exposure and comprehensive experience.
As the #7 Realtor company-wide at EWM in 2014, my focus is on Coral Gables, Coconut Grove, Pinecrest and South Miami — specializing in luxury real estate and waterfront properties. Call me today and let’s get started!