Ian Gengos | Luxury Real Estate

Why it’s important to price your home right before selling

Why it’s important to price your home right before selling

One of the most common mistakes made by home sellers is getting the price of the property wrong. Listing the wrong price can mean one of two things: you’re leaving money on the table if your home is underpriced, or your property is going to languish unsold if your price is too high. That’s why it’s important to set the right asking price from the outset.

Here are more reasons to price your home right

  1. The right price attracts more buyers

    It’s no secret that an overpriced home turns buyers away. When potential buyers see a home that’s priced above its market value, they will most likely look elsewhere. Buyers want the best deals – luxury buyers included. Buyers are also more likely to view your property in a more favorable light because your list price has no significant difference from similar homes in the area.

  2. Buyers are more knowledgeable

    Using technology and the internet, buyers can easily access real estate information online. They can search for the prices of similar homes in your area and compare it to what you’re offering. If your home is priced way above its fair market value, make sure it’s visibly worth the few thousand dollars you’ve added. Does it have better views than most? A professional-grade gourmet kitchen? A bonus room you’ve converted into a home office with all the requisites of remote work – ergonomic chairs, task lights, work tables angled to capture the best features of the room for Zoom calls, etc.?

    Otherwise, potential buyers may just scroll past your listing.

  3. The right price brings in multiple offers

    When buyers see that your home is in the same price range as similar homes in the area, they are more likely to show interest in your property. Another strategy is to price your home slightly below its market value. It may yield not just multiple offers, but also spark a bidding war. When done right, you could walk away with a price that’s even higher than the comparable homes in the area.

  4. Your home sells faster

    The ideal time for a home to sell is within the first few months it goes on the market. Properties that sit unsold for a longer period of time may end up selling for a lot less than its list price. Buyers will assume there’s something wrong with the property and negotiate you down based on the number of days it sat unsold. That’s why pricing a home right is one of the most effective home selling strategies if you want to find a buyer fast.

Tips to keep in mind

Working with the right real estate agent also makes a huge difference when it comes to preparing a home for sale. That’s where I come in. I have more than 15 years of experience in helping clients sell properties in the Baja Peninsula. Connect with me, Ian Gengos, by calling +52.624.157.6323 or sending an email to iangengosrealty(at)gmail(dotted)com.

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