A bidding war occurs when a home seller gets multiple offers. Since bidding wars are fairly common these days, it pays to plan ahead. You'll reduce surprises and stress, and be better prepared to
Determine the correct asking price
Dated: March 1 2016
The correct asking price affects your bottom line When you are selling your home, the price you set is a critical factor in the return you will receive. That's why you need a professional evaluation from an experienced realtor. This person can provide you the price with an honest assessment of your home, based on several factors including:
- Market conditions
- Condition of your home
- Repairs or improvements
- Time frame
- In real estate terms, market value is the price at which a particular house, in its current condition, will sell within 30 to 90 days. For more info, please visit the Homepage.
Value of correct asking price:
If the price of your home is too high, several things could happen:
- Limits buyers due to the correct asking price. Potential buyers may not view your home, because it would be out of their buying range.
- Limits showings. Other salespeople may be less reluctant to view your home.
- Used as leverage. Other realtors may use this home to sell against homes that are better priced.
- Extended stay on the market. When a home is on the market too long, it may be perceived as defective. Buyers may wonder, what's wrong, and why hasn't this sold?
- The correct asking price. An overpriced home, still on the market beyond the average selling time, could lead to a lower selling price. To sell it, you will have to reduce the price, sometimes, several times. In the end, you will probably get the correct asking price less than if it had been properly priced at the start.
- Wasted time and energy. A bank appraisal is most often required to finance a home.
- REALTOR®s have known it for years; Well-kept homes, properly priced in the beginning always get you the fast sale for the best price! And that's why you need a professional to assist you with the correct asking price in the selling of your home.
Roger Flowers is a professional real estate agent with eXp Realty and has been a licensed agent since 2001. He believes a Realtor is in the service industry, not high-pressure sales. As a Realtor, he ....
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