More often, though, pricing your home too high works against you in some important ways. Here are three of them: 1.) Agents react. Real-estate agents — yours and the buyers’ — may not want to waste time with a home that’s unlikely to sell. 2.) Buyers react. Buyers who like your house but pass on your property because of the price may find something else and close a deal before you drop your asking price to a level they’d accept. 3.) You need that money. Even if you get your full asking price, the time it takes to get it may cause you to miss out on the house you want to buy. You may have to settle for something that’s not as suitable. Even worse, you may end up spending more than you had planned, offsetting the premium you got on your sale.
Setting a proper sale price is both an art and a science. A key step is to shop carefully for an agent who can help you, looking for one who is very familiar with your community and comes with good references. Steer clear of dabblers who sell only a few homes a year. You want a pro who is on top of the market and will value a good reference from you. Finally, keep an eye on the “traffic” – the number of potential buyers who come through your property. A good agent will have a sense of how many buyers are looking. If you are not getting your share, it’s a sign you are reaching on price. If dropping your price is inevitable, it’s better to do it sooner than later. Call Danette O’Neal Realtors.