Price: Price your house to sell

There are 3 key factors that determine whether or not a home sells. They are:
• PRICE
• CONDITION
• LOCATION

This blog post is all about price.

Price your house to sell! Why? Because, price is usually the most critical facet in selling a home. Just as you want the best value for your money, your buyer will want the best value for their money too.

Unless your buyer knows something you don't, or unless they are stupid, it is unlikely that any buyer will pay more than what the market says the property is worth.

Again, there are exceptions to the rule. For example, in some cases a "buyer frenzy" can develop when two or more buyers are chasing after the same property. In such cases, the successful buyer may end paying more than the true market value.

However, generally a property will sell for around what similar homes in the same area will sell for. These are homes of a similar size, with similar amenities, similar in style, age etc.

MARKET VALUE is what recent sales will tell you your house is worth TODAY!

This is why it is important to price your house correctly. Base your price around what similar homes have sold for recently, not on some "pie in the sky" dream. It really doesn't matter what you "want to get" or what you "need to get"... you home is only worth what someone is prepared to pay for it. Recent sales of comparable properties in comparable areas are usually the best indicator of what someone might be prepared to pay.

Lets face it; we are only interested in ourselves. It's the old WIIFM- "What's In It For Me." A buyer really doesn't care about how much you might want or need... they really only care what the property is worth to them.

If you over-price your house above the market value then you might be left sitting there with all those other over - priced homeowners who can't sell either. In cases like this, the agent usually blames the seller and the seller usually blames the agent.