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16
Oct
Seller's Tips

5 mistakes to avoid when pricing your home

Robert J. Ott
October 16, 2019

Some of the more common reasons your house won’t sell is either because of the market exposure or your listing price. Pricing your home can be one of the trickiest parts of the home-selling experience. Here are the 5 common mistakes to avoid when pricing your home.

1.) Pricing based on what you want:

Pricing your home based on what you want and not what the market shows, is one of the more common mistakes sellers make. Sometimes sellers get a price stuck in their head as what they “want” the home to sell for. Far too often, you see listings sit on the market for months at a time because the agent was willing to have that conversation. Finding the right agent that will be straight forward with you is important. We recommend to ask a lot of questions to your agent and find out why they are recommending the price point.

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2.) Ignoring differences (layouts & locations)

Some homeowners make the mistake of ignoring the difference in layouts and locations. If you have a choppy layout, it can negatively affect the value of your home. Believing that your choppy layout has the same value as an open floor concept, does not help the marketability of your home. Another issue is location, location, location. Are you ignoring the fact that you live on a busy street compared to a quiet one? Does your home sit on a corner lot? Is there convenient access to shopping, dining, and other amenities? Don’t ignore this important fact of location and layout when it comes to pricing your home.

3.) Placing too much emphasis on square footage

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It only makes sense to assume that a home with a larger square footage is generally worth more then a smaller home. However, that is not always the case. Usually how the space is used is more important that how much you have. Buyers will happily pay a higher price on quality upgrades and finishes. It’s usually is quality over quantity when it comes to square footage.

4.) Not taking into account what season your putting your house up.

Depending if it is a buyer’s market or a seller’s market can drastically affect your homes value. Bidding wars and multiple offers tend to happen in the spring or summer time. In the winter, there are fewer buyers which can bring down your listing price and the value of your home. Be aware of what season you are putting your home on the market.

5.) Too focused on the Previous appraisal or assessment.

Appraisals an assessment can be misleading when pricing your home because they focus a lot on raw numbers. They tend to put less value on important factors, like the floor plan, the quality of finishes and the location of the property. Very often the buyers tend to focus more on those things then what it was appraised for. Your analysis should cover the raw numbers, the momentum of the market, and the other more subjective factors that impact your home's value.

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