First Price Should Be the Best Price when Selling a Home
If you are putting your Lakeland Fl home for sale on the market and it’s a seller’s market where buyers are competing for limited inventory, you may be tempted to sell your home at a higher price.
Here is the best tip selling tip from an experienced Lakeland Fl agent: Don’t do it!
I recently had a conversation with a listing agent about the home he has listed in Lakeland. The home shows very well and is priced in the $200,000 price range. Recent home sales within the community sold in the $170,000 price range, so I asked him after I researched to find comparable homes where he found additional $30,000 in upgrades. Well, he could not come up with anything other than to say it is overpriced and the sellers won’t go for anything less. This home is going to be on the market for a long time.
An experienced Lakeland Fl agent with your best interest at heart will tell you that it is very important to correctly price your home from the start to get it sold quickly and at top dollar. Research shows that when a home is overpriced and the owner makes several price drops while the home stays on the market, the owner ends up getting a much lower price than what they originally could have gotten for the home. The longer a home stays on the market, the higher the discount will be on the original price.
So how do you correctly price your Lakeland Fl home for sale?
If you price your home too high, it won’t attract any buyers. Many sellers price their home based on what they originally paid for it, the mortgage balance, or how much they need in order to move to a new home. These are all wrong ways in determining the best price of your home.
If you are interviewing several real estate agents in Lakeland Fl, you might be tempted to select the agent who suggest the highest price for your home. Beware of these agents. The Lakeland FL agent who effectively uses the CMA to properly price your home is the agent who will be able to sell your home quickly and for top dollar. Be wary of an agent who will only tell you what you want to hear.
A comparative market analysis includes the sales price of similar homes in your neighborhood that have sold in the last 6 months. Some agents will also include comparable homes that are currently on the market.
The best Lakeland Fl agent will help you measure your sales price against competition and factor in local market conditions (including whether it’s a seller’s or buyer’s market) in order to determine the best price for your home and attract more potential buyers.
Selecting the right price for your home begins with selecting the best real estate agent to help with marketing and selling your home. When you follow your agent’s advice, you will be able to sell your home quickly and at the best possible price.