What comes to mind when you’re getting ready to sell your home? Pricing! Knowing how to and what to price your lake home is crucial in the selling process. If you go too high, more than likely, it will sit on the market longer than you’d like. Lake Homes Realty’s CEO, Glenn Phillips, delves into the importance of proper pricing and how easy it is to accidentally overprice.
- “What I have in it”: This is the concept of what you, as the owner, have financially put into the home. However, buyers do not care about this. The market is the market. When you were the buyer, you didn’t ask the seller what they had put into the home. The same goes for your potential buyers; they don’t care. The market sets the price.
- “What I ‘need’…”: At the end of the day, need has nothing to do with it. Need is market-independent and not relevant to any of the buyers.
- “I just ‘feel’ it is worth this”: There have been many studies that indicate we value our own possessions a lot more than other people’s possessions. This is something you need to be mindful of. It’s very easy to justify why you think your property is worth a certain amount.
- “The neighbor’s house sold for…”: That might be a true statement, or it might be a rumor someone has made up. If it is factual, there are many factors that could have been at play, such as selling when the market was hot. Having an agent who can pull a market analysis is more beneficial than basing pricing on the neighbor’s home.
- “The house nearby is listed for…”: “Listed for” is exactly what it sounds like, a listing. That house is still on the market.
- “If I can get this much, then I’ll sell”: This means you are not actively trying to sell the home. If something were to come along at a price you like, then you might. Something like this wastes time for all parties.
Having the correct pricing is truly the most important thing if you’re trying to sell. However, as mentioned above, it’s very easy to overprice a lake home. If you’re trying to figure out how to get accurate pricing, reach out to our lake experts at https://www.lakehomes.com/.