It can be very difficult to determine what your property is worth in the current marketplace, because you are biased by what the property is worth to you. These emotions can get in the way of impartially evaluating a property and often cause sellers to overprice their Santa Cruz home.
When pricing your property, you need to be objective and reasonable so you can come up with a selling price that will capture the interest of buyers. Here are a few examples of common mistakes people make when pricing their house for sale.
Reading too much into online comparables
Avoid relying too much on online pricing information of sold houses. They can be a perfect place to start for getting a general idea of how much real estate is worth, but they are not always accurate.
Overestimating the market
Don’t assume that you can sell your house for the same price at which you purchased it. Unless you bought your house a few weeks ago, the real estate market could have changed and the purchase price will not reflect the appropriate pricing for today.
Overpricing to pad negotiation
Don’t overprice your Santa Cruz home in order to be able to negotiate to the price you want. Of course, you want to get an appropriate value from it, but many first-time buyers are on tight budgets and will rule out high-priced houses. Your property could sit on the market for a long time and then the price will have to be reduced anyway.
Factoring in a future home
Don’t factor in the cost of your next house. Your listing price should not reflect how much money you’d need to purchase your next property. The price of the house should be the same whether you are wealthy or broke. Your financial situation is irrelevant to the potential buyer of the property.
These are just a few common mistakes you should avoid when determining the price of your Santa Cruz home. Listed at the right price, you will get a fair amount from the sale of the house and the buyer will be getting a reasonable price too.
To find out more about selling your house, call me at 831.662.6522 or email me at Lauren@LaurenSpencer.com. For additional real estate information, please visit my home page at www.MySantaCruzRealEstate.com.