Setting the Price

When it comes to selling a home the main thing both homeowners and homebuyers are concerned with is price. Homeowners are looking to get as much as possible for the sale while homebuyers are looking for the best deal. Even though the interests are different it is not impossible to obtain a win/win situation.

If the selling price is to high several problems will arise. The main one of course is that the home will not sell. It will sit on the market for months and months eventually drawing no activity whatsoever. This is a waste of resources and time.

To get the sale of your home back on track you will need to make some major concessions, typically in price. There are even times when taking your home off the market for a period of time as you re-determine the price can be very beneficial.

On the flip side if the price is set to low then the homeowner can miss out of thousands of dollars. At some point this is every home sellers concern so it is important to determine what is an acceptable asking price and selling price and take it from there. Remember that if your home sells quickly that is not always an indicator that the price was to low. It often means that the home was priced right.

When setting the price the best you will be able to do is come up with a range. The easiest way to do this is to contact several local real estate agents and obtain a CMA from them. The information should be similar, if they did their job correctly, and provide you with a great starting point for setting the price.

In the end it is the buyer who determines the selling price so as a seller it is important to understand what the real estate market is doing and what a reasonable selling price is. You can't put a sales tag on memories and if you could most homebuyers wouldn't pay you a dime.

New to buying real estate? Boise First Time Home Buyers Guide can help you put the pieces together.