Welcome to the TooeleHomes4Sale.com Blog

2015-08-06 13:26:40
What Berna Says About Pricing Your Tooele Home

I think everyone should see what Berna says about pricing your Tooele home. She posted this on FB yesterday & I am re posting.

 Price your Tooele UT home right or pay the piper. 

This is by far the most important advise you can get when you are preparing to sell your home. 

Not only will you not get any real offers, you will be frustrated because you will have few 'lookers' It is an over simplification to say that the more competition is walking thru your house, kicking the tires so to speak, the higher price you will ultimately get when you sell. Fewer lookers, lower the offers. Supply & demand.

I put this blurb from HCM on Face Book the other day, and after some thought decided it was important info for everyone. So I'm re posting here. Enjoy.

 

Price your Tooele Home Right

 

 

Selling Your Home? Price It Right From the Start!

Posted: 03 Aug 2015 04:00 AM PDT

Selling Your House? Price It Right From the Start | Keeping Current MattersIn today’s market, where demand is outpacing supply in many regions of the country, pricing a house is one of the biggest challenges real estate professionals face. Sellers often want to price their home higher than recommended, and many agents go along with the idea to keep their clients happy. However, the best agents realize that telling the homeowner the truth is more important than getting the seller to like them. There is no “later.” Sellers sometimes think, “If the home doesn’t sell for this price, I can always lower it later.” However, research proves that homes that experience a listing price reduction sit on the market longer, ultimately selling for less than similar homes. John Knight, recipient of the University Distinguished Faculty Award from the Eberhardt School of Business at the University of the Pacific, actually did research on the cost (in both time and money) to a seller who priced high at the beginning and then lowered the their price. In his article, Listing Price, Time on Market and Ultimate Selling Price published in Real Estate Economics revealed:

“Homes that underwent a price revision sold for less, and the greater the revision, the lower the selling price. Also, the longer the home remains on the market, the lower its ultimate selling price.”

Additionally, the “I’ll lower the price later” approach can paint a negative image in buyers’ minds. Each time a price reduction occurs, buyers can naturally think, “Something must be wrong with that house.” Then when a buyer does make an offer, they low-ball the price because they see the seller as “highly motivated.” Pricing it right from the start eliminates these challenges. Don’t build “negotiation room” into the price. Many sellers say that they want to price their home high in order to have “negotiation room.” But, what this actually does is lower the number of potential buyers that see the house. And we know that limiting demand like this will negatively impact the sales price of the house. Not sure about this? Think of it this way: when a buyer is looking for a home online (as they are doing more and more often), they put in their desired price range. If your seller is looking to sell their house for $400,000, but lists it at $425,000 to build in “negotiation room,” any potential buyers that search in the $350k-$400k range won’t even know your listing is available, let alone come see it! One great way to see this is with the chart below. The higher you price your home over its market value, the less potential buyers will actually see your home when searching. Price & Visibility | Keeping Current MattersA better strategy would be to price it properly from the beginning and bring in multiple offers. This forces these buyers to compete against each other for the “right” to purchase your house. Look at it this way: if you only receive one offer, you are set up in an adversarial position against the prospective buyer. If, however, you have multiple offers, you have two or more buyers fighting to please you. Which will result in a better selling situation? The Price is Right Great pricing comes down to truly understanding the real estate dynamics in your neighborhood. Look for an agent that will take the time to simply and effectively explain what is happening in the housing market and how it applies to your home. You need an agent that will tell you what you need to know rather than what you want to hear. This will put you in the best possible position.

I hope you found this helpful, and when you are reasy to sell your house you will give me the chance to help you price your Tooele UT home. Call me ; Berna Sloan 435-840-5029.

 

x

 

 
Blog Archive
2017-06-20 05:46:38
About Tooele Real Estate Week # 24

2017-06-05 06:13:41
4 Things to Know about Buying New Construction In Tooele Utah

2017-06-03 13:02:03
Have Your Agent Answer These Questions

2017-06-03 10:18:35
Real Estate Info in Tooele County Utah

2017-05-23 16:36:22
More Important Real Estate Information About Tooele County

2017-05-01 10:50:14
On the fence about selling in Tooele County? Jump!

2017-04-30 10:52:44
Week #17 Post About Tooele Real Estate

2017-04-26 13:43:39
What Does Solar Do To Home Values in Tooele UT

2017-04-24 13:27:55
Appraisals Can Be An Issue in a Hot Market

2017-04-22 09:32:18
Week #16 in Tooele County Real Estate

2017-04-22 09:13:05
Look At Buying a Home Now or Later in Tooele UT

2017-04-22 09:03:55
5 Reasons To Sell Your Tooele County Home

2017-04-18 06:10:55
New Home Construction in Stansbury Park UT Heating

2017-04-16 11:09:28
Get 100% Financing in Tooele UT With VA Loans

2017-04-11 12:57:56
Wondering How You Can Buy A Home in Tooele UT

2017-04-10 11:04:10
Tooele Utah Real Estate Information

2017-04-08 08:05:06
Big Week in Tooele County Real Estate #14

2017-04-07 16:33:38
VA Loans in Tooele For 100% Financing

2017-04-05 10:40:08
Grantsville Utah Homes Selling Fast

2017-04-04 11:15:51
Buying a New Home in Tooele UT

2017-04-03 05:29:35
Tooele UT New Home Sales Heating Up

2017-03-15 10:36:12
Is Tooele County a Home Buyer or Sellers Market

2017-03-14 13:44:39
Tooele County UT Has 6 Bedroom Homes For Sale

2017-02-25 11:50:56
About Buying a New Home in Tooele County

2017-02-19 06:55:30
Berna Talks About Tooele Real Estate

Click here to see ALL articles.


Comment on this Article

Your Name:
Your Email:
Comments:
Verify:  Please enter the numbers shown to help eliminate spam.