The Raleigh area has been in a seller’s market for a while now, which is great news if you’re thinking of listing. Homes are in high demand and buyers are willing to pay for it. However, this does not mean you should price your home way above its value when selling.
Pricing Your Home Wrong Can Kill Your Sale
Because the market is so hot, and in listers’ favor, many home sellers incorrectly believe they can overprice their homes in hopes of making more money. Here’s why that’s not a good idea—even in a seller’s market.
The right price increases visibility
When you price your home at, or slightly under, market value, you actually increase the number of buyers who’ll see your home. Overpriced homes often end up in higher search brackets—competing with similarly-priced homes which, if correctly priced, will often also be higher-end or larger homes.
Correctly-priced homes will fall into search brackets with similar homes, where they’ll be seen by a greater number of buyers looking for such homes.
Correctly priced homes are exciting to buyers
Seeing a great house at a great price is exciting to a buyer! And when a buyer is excited about a home, they’re more likely to want to take a closer look. More buyers getting excited about, and coming to look at, your home is great news—and could even lead to multiple offers!
Excited buyers are also the perfect environment for a bidding war—and the ability to drive a higher final sale price.
Incorrect pricing typically results in a correction
Overpriced homes, because they’re often overshadowed by higher-end but similarly-priced homes, don’t typically attract a lot of buyer interest. That means they tend to sit on the market for a long time. And when homes sit on the market, they attract even less buyer interest. Usually at this point, sellers are forced to make a price correction.
The thing is, though, once a home’s been on the market for a while, even if the price is corrected, buyers are going to wonder why. What’s wrong with this home that no one’s wanted it and the price had to drop? The last thing you want is to give buyers any reason to be turned off!
Correct Pricing is Crucial to Home Selling!
The bottom line to successful home selling is that that right price is a critical first step! That’s why it’s especially beneficial to work with an experienced and local agent, one who’s going to be able to help you find that perfect selling price.
Selling in Raleigh? Let us help!
If you’re thinking of selling a home in the Raleigh area, let Linda Craft & Team help you find that price—and get the job done right. We’ll put our 350+ years of combined experience to work for you and your home.