Dangers of Setting a High Sales Price

It is human’s nature that every home sellers want to get the best and highest price for the sale of their home. Whether you are  in a buyer’s market or a seller’s market , setting the correct  sale price is the most important step in the process of selling your Northern Virginia home and  the key to sell your home within a reasonable amount of time could very well be the price tag you hang on it.

There are many dangers of setting the high selling price.

Dagner#1. Homes that are overpriced will generate no offers, no negotiations, no sale and they scare away the potential buyers.

Danger #2. Let’s assume a buyer puts and offer that is above market price, remember that your buyer will need to get a mortgage. The mortgage lender will require an appraisal and if comparable home sales over the last six months, and current market conditions don’t support your sales price, then your buyer won’t get the mortgage. Your deal can fall apart. By then, it’s often too late to renegotiate a price. Your house will have to go back on the market.

Danger #3. Setting a sale price that is too high  will make the buyers think  that your house is too steep for their wallet and they won’t even bother to take a look at it.

Danger #4. Overpriced home will sit on the market too long. The fact is that overpricing your home at the onset may end up giving you a lower price than you might normally have received.

Selling your home? Make sure the price is right!

So how can you figure out the right asking price of your home?  The best way to establish your selling price is to take advantage of your agent’s experience who will help you determine the fair market value — the FMV — for your home, which is what a buyer is willing to pay you and you, the seller, are willing to accept. In the long run this almost always works better than trying to force a high price.

If you choose to work with Chanu Badwal,  she will prepare a FREE Comparative Market Analysis (CMA) report for you. It’s a written analysis that compares your house to others like it in your area that have sold recently or are on the market for sale in your neighborhood. A Comparative Market Analysis  (CMA) will provide you factual information about the houses: Number of bedrooms and baths, square footage, such amenities as fireplaces and swimming pools, as well as the listing prices and the sold prices.

Getting a Comparative Market Analysis (CMA) for your home is  FREE and very easy. All you have to do is fill this form below  even if you are planning to sell your home on your own. Chanu Badwal will happily  come to your home and prepare a custom  Comparative Market  Analysis  (CMA) report and suggest the correct  asking  price for your home.