Selling your home can be an exciting time. It’s a time for change, and for some, a time for starting over. It can also be a stressful time, especially when it comes to finding a buyer. Todd Hetherington, CEO of Century 21 New Millennium notes that the best way to assure you find the right buyer is by first finding the right price. Many sellers make the mistake of thinking the value of their home should without a doubt be the same or more than what they purchased it for. Unfortunately, it doesn’t work that way.
“The truth is that there is an art to pricing a home, and to do it right you need to know the market, or find someone who does,” says Hetherington. “Together, you need to compare similar properties in similar locations, make adjustments based on any differences among them, and of course track the market. If you do all of this right, you will have an educated opinion of the home’s current value.”
Hetherington explains that one mistake buyers make is pricing too high, when in reality they would be better off pricing too low. If they price low—that is, under the competition of comparable homes—then they will hopefully receive multiple offers, which will allow them to drive up the price to market value. They don’t have to accept the first offer; they can wait until they find an acceptable price that the buyer is willing to pay. However, by pricing too high, they may not receive any offers and the listing will grow stale. “Buyers often look for fresh listings, and when the home has been on the market too long, this can delay its sale because buyers assume there must be something wrong with it,” says Hetherington.
Hetherington recommends carefully selecting a real estate agent who is in touch with your local market and knows how to price a home. “Don’t be offended if you think your home is worth more than what the market can offer at this time,” says Hetherington. “Most homeowners would rather sell a home for less than have their listing expire.” And don’t forget that if your home has been on the market with no luck and your listing has gone stale, you can seek out agents who specialize in finding the right price for expired listings.
CENTURY 21 New Millennium. Smarter. Bolder. Faster.
CENTURY 21 New Millennium, www.c21nm.com, is a full service real estate brokerage company specializing in residential and luxury properties. In addition to its newest Washington D.C. location, the Virginia locations are in Alexandria, Centreville, Culpeper, Fredericksburg, Gainesville, McLean, Stafford, and Woodbridge. The Maryland offices are located in Annapolis, Columbia, Dunkirk, La Plata, Lexington Park, Lusby and Waldorf. Its core services include: mortgage financing, investing, settlement services, property management, property insurance, global relocation assistance, and commercial real estate.