“How do I sell my house fast?”
That’s the first question on most home seller’s minds and why shouldn’t it be? Paying for two mortgages is a financial mess that most people can’t afford to find themselves in. But if you’re not careful, it’s the same exact situation that you could put yourself into if you price your home too high.
The Problem With Overpricing Your Home
A lot of home sellers think that they SHOULD overprice their homes when putting it up for sale. Their reason? It gives them extra room to haggle. They believe that by pricing it a bit above their expected selling price, they won’t have to take that big of a financial hit once the property’s been sold. But here’s the thing, most home buyers won’t bother haggling the price of a property down to a figure they can afford if it’s too high up.
Remember, home buyers only care about one thing, and that’s making sure that the home they want to buy is worth how much they’re willing to pay.
By pricing your home above average, you don’t give it wiggle room for haggling. You make it far too expensive for most interested parties to even bother haggling. This is true even for prime properties in coveted locations.
Again. Buyers don’t care about your sentiments, such as how much money you put into the property, or how much money you’d prefer to have on-hand once you move to your new home. They just want to get their money’s worth, which is right around the average selling price in your area if not preferably lower.
If by any chance, an interested home buyer decides to make an inquiry about your property, its number of Days on Market (DOM) is likely to turn them away. This is because, once a property has exceeded the average number of DOM for properties in an area, it’s a huge red flag for home buyers. They most likely will think that the property isn’t worth the money anymore, even if they manage to haggle the price down.
When pricing your home, it’s important to take a close look at the average price of real estate in your area, and how much time it took for a particular property to sell at a certain price.
Talk To Your Real Estate Agent
The best way to sell your home for a reasonable price without having to put yourself in a huge financial hole by paying for two mortgages for half a year or so is to have a good talk with your real estate agent.
A competent real estate agent will be able to share with you a Comparable Market Analysis (CMA). This will contain important information. This includes listings and sale prices of nearby properties, as well as active listings under contract and those that have yet to sell over a certain period of time.
A CMA stretching as far back as six months should give you and your real estate agent an objective means of pricing your home.
Sell Your Home to a Cash Buyer Today
If you want to take the hard work out of the home selling process, a good way to get your house sold within a month or two is to talk to a cash buyer.
Between competitive pricing and saving you from the hassle of the typical home sale, as well as paying for a real estate agent and other fees, selling to a cash buyer might end up netting you more money in the end.