Spokane Home Owners Real Estate Pricing Mistake You Need To Avoid

Dated: 01/03/2018

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Pricing a piece of real estate is one of the most important parts of selling it, but unfortunately, there are many mistakes that people make. Here are some of the most common mistakes and how to avoid them.

Mistake #1: Getting Emotionally Involved

Your buyer does not care about any emotional attachment you have to the property. You should never set the price of a property based on factors like "I had a lot of fun here" or "I really don't want to leave and need to be paid a lot to change my mind".

Pricing should always be set based on the facts of the property - no more, no less.

Mistake #2: Not Doing Research

Real Estate doesn't always sell for its listing price. You need two pieces of information:

  1. What the other real estate prices in your area are, and

  2. How much the property actually sells for compared to its listing price

The most important detail here is the "comparable" - that is, what happened with a meaningfully similar location. The best way to find a comparable` is to look at locations with similar sizes and overall quality. If a home is too different, it's not worth comparing to.

Mistake #3: Pricing Too High

Some people set the price of real estate too high and unfortunately so do real estate professionals. Unlike far too many Realtors, the Premier Team will not list a property 10k over our broker price opinion. We turn away sellers if they will not list close to the market value. Listing high more often than not will turn away people who might otherwise be willing to make an offer. If a property sits on the market for too long, other people will start to think there's something wrong with the property... and at that point, lowering the price looks bad.

Instead, try setting the price to an average, or even a little lower. If the price is good for the property, more people will be interested - and may bid the price up.

Mistake #4: Chasing The Market

Chasing the market happens when a property repeatedly adjusts its price - but only after prices in the area have already dropped out. This can lead to an extended period of being overpriced, even after the price is lowered, resulting in a property that ultimately sells for less than it could have.

If you're planning to sell, don't let guesswork ruin your efforts. Contact Kelly Right Real Estate's Premier Agent Team and we'll pair you with one of our talented Realtors who can tell you not just what the best selling price is, but why you should price it that way and the science behind the process.

Alex Veselits | Broker, Marketing Director

509.714.0671 • premierteam@kellyright.com

#spokane #spokanevallley #tricities #northidaho #portland #seattle 

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