It doesn’t matter how large, beautiful, upgraded, or well-maintained a home is, if it is not priced correctly, it will fail to sell. We believe it is our job, as your Utah real estate partners, to ensure you are fully aware of the ramifications of an improperly priced home and the common myths that lead to poor listing price choices. If you are looking to sell your Utah home, make sure you don’t believe these myths:
Myth #1: Price high to start.
A home’s asking price sets the stage for time on the market and attraction to potential buyers. Most sellers believe that they can price a property high to start and come down if needed. The problem is, too high of a price can turn away your ideal buyer and reducing the price later devalues it in the eyes of those who would have considered a purchase. Engage with a Utah real estate agent to ensure your home is priced in such a way that it sells quickly to the right buyers for the best and highest price possible.
Myth #2: Prices can rise the longer the home is on the market.
This could not be farther from the truth. Studies have shown that the longer a home stays on the market, the more potential buyers question the property’s integrity, value, and merit. If buyers are questioning the value of the home, they are unlikely to make the purchase at the asking price. The key is to price your home in a competitive range to allow for reduced time on the market and competitive offers- which can lead to selling for the highest amount possible.
Myth #3: Outdated features have no impact on selling price.
The cost of remodeling to replace outdated features is a very real concern for home buyers in today’s Utah housing market. As a homeowner, you may not believe that an outdated kitchen or bathroom should have an impact on how much you sell for but potential buyers see that as an additional cost they’ll need to account for in their budget- resulting in lower-than-asking-price offers.
Myth #4: Perfect pricing leaves money on the table.
There is a reason Utah real estate agents strive to establish the perfect selling price for a home. Appropriately priced properties actually generate higher interest and more offers in a shorter amount of time. This creates a competitive atmosphere where buyers try to outbid each other and win the home first. What does this mean for you, the seller? You deal with the stress of having a home on the market for a much shorter amount of time and you usually get above your asking price.
Selling your Utah home at the right price.
Pricing is one of the most important factors when it comes to selling your home. Did you believe any of the myths above? If so, not to worry. We can help you create a pricing and selling strategy that helps you get the most money possible for your property. Contact us today to chat with one of our Utah real estate pricing specialists.