Last time I talked about some general things that you can do around the house to make it more appealing to potential buyers.

Today I’m going to talk about how to determine your listing price.

When it comes to buying a home, most potential buyers will use the listing price to as the number one factor to determine the homes that they look at. Even though you and a realtor may determine the asking price, the buyer will determine the selling price. If the price is too high, most buyers won’t give it a second thought – which is why you want to determine the listing price carefully.

If you set the correct price, you’ll notice a much faster sale. Setting the right listing price will also attract more potential buyers to your property as well. You’ll also notice an increase in response from realtors, and receive more calls about the property. The listing price is very important – and it can ultimately determine whether or not you sell your property.

A home can be overpriced due to several reasons. Overpricing is something you want to avoid, as buyers tend to steer clear of homes that have been overpriced. Normally, this happens when a buyer asks a lot more than the home is worth or valued at. Some buyers ask a lot more than the value of the home due to location. Although the location is very important, most potential buyers won’t give the home a second look if
they think the price is too high – and more importantly – out of their price range. When you put your home up for sale, most activity will happen within the first couple of weeks. If you put the right price on your home, you’ll notice immediate interest. There are always buyers looking for homes in their price range, waiting for new homes to be listed or homes to be reduced in price. Buyers who are waiting to purchase may miss seeing your home completely if the price is too high.

To determine the listing price of your home, you should always have it appraised before you put it on the market. This way, you’ll know the full value of your home. You can sell it for market value or go a little under, although you should never attempt to go way over the value. In doing so, you’ll miss out on a lot of potential buyers. The home market is very competitive these days, which is why you want your home to draw as much interest as possible.

Keep in mind that realtors really have no control at all over the real estate market. Realtors don’t determine the asking price – the seller does. You can ask a realtor for advice, but, in the end, it is really up to you to decide your listing price. If you do things right and take each thing step by step, you’ll set the listing price in the right area and have no problems selling your property.

Stay tuned. Next time I’ll tell you about staging your home.

Russell Bradchulis is the CEO and Founder of Foresight Home Solutions, LLC, a full-service real estate solutions provider specializing in Foreclosure Assistance, Residential Redevelopment, and Estate Liquidation. You may call him at 781-333-4447 or email him at russell@foresighthomesolutions.com