Page 131 - Selling secrets 5 18 2023

price based on the many factors affecting your market and
the unique characteristics of your property, including age,
improvements, condition, location, and others. The
negotiation with the buyer is where a shoddy price-setting
process will come back to haunt you. If your home is
overpriced or under priced, you will enter the negotiating
phase with a distinct handicap. You need to know your
bottom line—your fall back position. What is the minimum
price you are prepared to accept for your home in order to
achieve your sales goals?

A common mistake is to set a price based not on your
home’s value or how much you can reasonably expect to
get for it, but rather, on how much you want to spend in the
future. You might have a set amount in mind for starting a
new business, creating an investment portfolio, or building
your dream home. The profits you gain from selling your
house can be part of those plans, but understand that there
is probably no direct correlation between how much you
need and how much someone would be willing to pay for
your current home. You might need or want several million
dollars (who wouldn’t?). But unless your home is worth
several million dollars, don’t price it that way.

Have you received a Current Market Analysis or results of
an appraisal? Have you considered how simple home
improvements or staging could affect your pricing? Pricing
a home can be as much of an art as a science. Your
REALTOR’ can be your best ally here. And if there’s
anything you don’t understand or that doesn’t pass your
“smell” test, don’t be shy about seeking a second—or even
a third—opinion before setting your price. You need to be
absolutely confident about your price when entering the
negotiation phase.

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