Don’t feel bad. A large percentage of agents that make a living doing that don’t really know either.
You would be surprised at the number of full time agents that are representing home sellers, call me for input when they are negotiating a listing. ( I am happy to help, as my help may discourage agents from listing houses at what the home owners “think” they are worth). But that is a story for another blog.
Every Tooele County homeowner wants to make sure that they maximize their financial reward when selling their home, but how do you guarantee that you receive the maximum value for your house?
I’m going to share an article with you from Keeping Current Matters that gives some tips on pricing a property and the impact it may have on selling your house in Tooele county in the shortest amount of time and for the most money possible. (with the least amount of grief).
Read the article if you are interested, with some other posts from KCM, my comments, and then a few articles from industry professionals to complete my mission. Well not quite.
I save my best piece of advice until last. Keep looking for it. It makes sense.
Here are two ways to ensure that you get the highest price possible.
1. Price it a Little Low
This may seem counterintuitive, but let’s take a look at this concept for a moment. Many homeowners think that pricing their homes a little OVER market value will leave them with room for negotiation when, in actuality, it just dramatically lessens the demand for their houses (see chart below).
Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price their house so that demand for the home is maximized. By doing so, the seller will not be fighting with a buyer over the price but will instead have multiple buyers fighting with each other over the house.
Realtor.com gives this advice:
“Aim to price your property at or just slightly below the going rate. Today’s buyers are highly informed, so if they sense they’re getting a deal, they’re likely to bid up a property that’s slightly underpriced, especially in areas with low inventory.”
2. Use a Real Estate Professional
This, too, may seem counterintuitive as the seller may think that he or she will make more money by avoiding a real estate commission. With this being said, studies have shown that homes typically sell for more money when handled by real estate professionals.
A study by Collateral Analytics, reveals that FSBOs don’t actually save any money, and in some cases may be costing themselves more, by not listing with an agent. The data showed that:
“FSBOs tend to sell for lower prices than comparable home sales, and in many cases below the average differential represented by the prevailing commission rate.”
The results of the study showed that the differential in selling prices for FSBOs, when compared to MLS sales of similar properties, is about 5.5%. Sales in 2017 suggest the average sales price was near 6% lower for FSBO sales of similar properties.
Price your house at or slightly below the current market value and hire a professional. This will guarantee that you maximize the price you get for your house.
You might also enjoy reading…
Need more information about pricing your Tooele UT home to sell? Here are articles written by others in the industry to give you more info about the process & the importance of getting it right the first time.
And…… how much it could cost if you don’t.
Pricing A Tooele UT Home To Sell
May 29, 2017 … When you sell your home, is it smarter to choose a price that ends with a zero or a 9? Think through your strategy when you set the price.
Notice that a lot of the tips suggested that one very important component of your house pricing strategy was to hire a good agent. One that would represent your interest and to help with a pricing strategy.
You also might remember that I promised my last bit of advice would be the best. It is: hire an agent that is experienced, successful, and LOCAL! LOCAL, LOCAL!
I am applying for the job. I can do it! I have done it over the last 20+ years I have hundreds of satisfied clients that will vouch for that.
Then, if your interested in making sure that your Tooele County listing is priced to sell, give me a call. Berna Sloan 435-840-5029.
I know how to get the best price for your Tooele County home.