When pricing your home, there are several things to keep in mind:
- New listings generate excitement. The highest level of activity and best offers occur within the first 6-8 weeks.
- Try to look at your home as if you were a buyer. Be objective and critical. What would you pay for it? But remember, you already love it while most buyers will consider it a compromise of what they really want. Most buyers cannot visualize changes and those who do will want you to reduce the price to compensate.
- Listing at the highest price will only delay the sale of your home if that price cannot be supported. Wise pricing, well researched by a competent real estate professional with local knowledge leads to sales in any market. You forfeit a strong negotiation position – financially and psychologically – when your house is on the market for a long time.
- Ultimately, buyers determine the market by making their evaluations comparing your property with others offering similar features. Make sure your home compares favorably. Sellers tend to think of value and what they have invested in the home. Buyers only consider price, condition and competition.
- Don’t let what your neighbor received for the sale of his home influence you. No properties on the lake are alike and all must stand on their own.