The only reason I put this pricing option concerning house values in here is because in the past we have seen it far too often.
How did you establish your market value Mr. And Mrs. Seller? Well, we know what we put into the place.
Been here 8 years and we calculated if prices have increased 5% the last 8 years and we spent $15,000 and you have to add in inflation so....
We figured $325,000 was a good starting figure and.....Here it comes.....
”If it doesn't sell, we can always lower the price later” WRONG, WRONG, WRONG!
For more ideas about pricing a house to sell, select any one of the photo links below.
Sorry for shouting at you because I know you would never do this. Why do I know? You are researching this site to educate yourself before blindly going forward. You will establish your property market value The Correct Way.
These for sale by owners have about a 99% chance of listing with a real estate agent after their failed attempt to sell. Why bother? They will have wasted time and money.
Please keep in mind that when it comes to establishing house values for resale, it is extremely important to get it right at the very beginning. If you start out too high and you have to reduce the price several times, it looks like there may be something wrong with the property.
I want you to understand why pricing your house when you are for sale by owner is so critical.
For sale by owners get discouraged rather quickly if they don't have a lot of viewings from the start. many times they misread the people that tour their home. When they don't get an offer right away, they think they are doing something wrong.
Of course, it doesn't help when Realtor's are arriving at their door telling them they can't sell their home themselves and they need a "professional".
So when it comes to house values, make sure you get yours right. A property is worth its market value, period. What is the market value? What a buyer is willing to pay a seller and a seller is willing to accept with neither party being under any duress.
So, please get the price right so you don't overprice and sit on the market until you give up and list with a Realtor, or underprice and leave with money on the table. Your money.
Of course, if you aren't paying a Realtor a big chunk of money, you can afford to be a bit flexible if desired.
If however you under price the home, although you may have a quick
sale, you are leaving money behind that you probably could use towards
your next purchase.
This page on "Throw a Dart" is short and sweet as there is no real value in choosing this method when establishing a value for your home for sale by owner. There is no reason choose this method, even if you are listed with a real estate agent.
Shall we move on to more fruitful endeavors? OK. All the other choices below have merit, when researching your local market for house prices.