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Common pitfalls and fallacies when you are pricing your house to sell.
The house down the street is "going for" a certain price, and since yours is comparable, or maybe better, it is worth at least as much.
The truth is that the asking price of another house is no indicator of the value of your house. It is very likely overpriced itself. Even if it sells, its final selling price cannot be determined until after the sale closes, and the final selling price might be far less than the original asking price.
The tax assessor sets a "market value" for your property.
That assessment of fair market value has been very optimistic to say the least. It goes without saying that the government wants to collect the most tax possible from each of us. The assessments are based on classes of houses in general areas, and are not specific to your house, and its particular condition and appeal.
You or your agent thinks you should leave some "room to negotiate" in the asking price you set, or you or your agent thinks you should set a high price at the beginning to "test the market," and reduce it later if necessary.
Both of these tactics will cause your house to remain on the market longer. It is a fact that the first 30 days of a listing are the most critical, and if a house is on the market more than 60 days without eliciting offers, it is overpriced. Additional marketing, open houses, advertising etc. are not the solution. A lower price is.
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Copyright ©2009 Peter Kunz. All rights reserved. |
Royal LePage Partners Realty is an independently owned and operated brokerage. |
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