Page 7 - FNTA Sellers Guide_AZ
P. 7

Without a doubt, of all the mistakes that a seller can make, price is the most harmful and costly. Price the home too low and the home will sell quickly, but the seller will lose money that is rightfully theirs. Price the property too high and it will not sell. The home will continue to cost the seller money in the form of interest, repairs and upkeep.
There are four reasons that one must price a home correctly from day one of the listing.
Chances are that your home will ultimately sell at its fair market value. Pricing it properly at the onset simply increases the likelihood of a timely sale with less inconvenience and greater monetary return.
Buyers educate themselves by viewing many properties and they will always look at a range of homes priced competitively. They know, or learn quickly, what is a fair price. If your home is not competitive in value with those they have seen in the same price range, it simply will not sell.
Overpricing causes most homes to remain on the market too long. Buyers and agents become aware of the long exposure period and often are hesitant to make an offer because they fear something is wrong with the property. Clean, well-prepared homes that are on the market for a long period of time historically sell for less than their fair market value.
If overpricing keeps your home from selling promptly, you may end up owning two homes, the one your are trying to sell and the new home you have already purchased. Statistically, the typical activity that is generated on a property is generated in the first five weeks of the listing period.
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