9 Common Pricing Beliefs that Just Aren't True

When it comes down to it, the most important advice a real estate agent can give sellers is how to price their home. On today's show Robert and Dave discuss common pricing beliefs that just aren't true! No matter how beautiful, well maintained or great at showings, if a home isn't price well it just won't sell. See our short list below and listen to the show for more details!

Early autumn with modern residential single family home
HOME-PRICING
  1. Belief: "Better to price the home on the high side and buyers will negotiate."
    Fact: You could be missing out on buyers who are not willing to stretch their budget.
     
  2. Belief: "A home that's priced just right, risks leaving money on the table."
    Fact: A well priced will generate strong interest and likely multiple offers--which actually drives the price up and sets you up to get more money!
     
  3. Belief: "A quick offer means their home was priced too low."
    Fact: A quick offer is an indication your home is priced right--see above for why that's a good thing!
     
  4. Belief: "I'll get a better price over time."
    Fact: The longer your home is on the market, the less likely you are to get what you want for it.
     
  5. Belief: "X price is as low as the seller will go." 
    Fact: If you want to sell your home quickly, you have to be flexible.
     
  6. Belief: "Offers should always come in a asking price."
    Fact: No buyer is going to be willing to offer more than they have to, especially on their first pass. They use the first offer to determine the seller's willingness to negotiate.
     
  7. Belief: "Outdated features shouldn't affect my selling price."
    Fact: If you have outdated features in your home, you need to keep in mind that buyers will only purchase it for a price that allows them to room to make updates after purchasing.
     
  8. Belief: "I'll get all the money back that I've spent renovating my home."
    Fact: The reality is that while you may get some of your money back, you will not get a 100% return on your money. The average home renovation return rate is 63%.
     
  9. Belief: "A buyer's offer is too far of asking price to even counter."
    Fact: If you've got a low offer, don't kick it to the curb--counter the buyers and show you are willing to negotiate.