Mistakes To Avoid When Setting A Listing Price For Your Home

Mistakes To Avoid When Setting A Listing Price For Your Home

22 September 2020
 Categories: Real Estate, Blog


Selling a home can be stressful and overwhelming—a lot of time and effort is required to get a home ready to be listed for sale. However, one of the biggest issues that home sellers face is setting an initial listing price for their home. Making a decision on a listing price can make a big difference in whether your home sells in a timely manner or sits on the market for a long time with little interest. As a homeowner, it is natural to want to make a good profit when you sell your house. But, if you make mistakes when setting a listing price, it can hurt you in the long run. Use the following tips to help you avoid common mistakes when determining the price to list you home when you're selling:

Setting The Price Too High

When people have no real estate experience, they may think that the initial listing price should be as high as possible in order to make a bigger profit. Unfortunately, this strategy typically fails. If you set the initial listing price based on how you feel instead of looking at the state of the market in your area, your home probably won't get much attention. You are much better off listing your home at a price that is competitive if you want to get it sold.

Adding The Price Of Home Improvements Into The Price

Home improvements can make your house more comfortable and functional, and they do add value to your home. However, it is a big mistake to calculate the total amount of money that you have spent on home improvements to your listing price. While some home improvement projects have a higher return on investment than others, no home improvements will give you back one hundred percent of what you spent.

Don't Ignore the Advice of Your Real Estate Agent

When you're selling your home, one of the best things that you can do is listen to the advice of your real estate agent when it comes to setting a listing price for your home. Real estate agents don't just pick a random price-- they do a lot of research and perform a comparative analysis that takes into account how much homes similar to yours have recently sold for. When your real estate agent suggests a listing price, it is important to know that the price recommended is based on data and the current real estate market in your area.