01
Apr
Real Estate

The Importance of Pricing Real Estate Accurately

April 01, 2022

As a buying agent based in Accra, I have seen many homes that have been both overpriced. This can be very frustrating for buyers who are looking to buy a home and find the list price too high, but also for agents who see an unsurmountable task ahead of them. In this article, I will go over the five main reasons why pricing your property accurately is important to help you sell your home quickly and at the best price. This shows that buyers how serious and motivated you are about selling.

Pricing an old home that requires a lot of work at a high price can be discouraging to potential buyers. This is especially true when the house has not been maintained properly over time, or if it faces similar nearby homes which sell for much less. Buyers may wonder why they should pay so much more than what other nearby homes are listed for on the market. As a seller, if you price your property correctly, potential buyers will know that you are interested in receiving offers, helping them move into their new home as quickly as possible. Accurate pricing will help to weed out buyers who are not really interested in purchasing your property.

As shown above, some buyers might end up losing interest in purchasing your home if you set an unreasonably high list price. While it is important to try and sell your property as quickly as possible, there are many buyers who will not waste their time if the price of a home is too high. This gives those serious about buying a chance to make their offer before other buyers lose interest and go elsewhere.

You may get more offers because buyers will know that the property is priced fairly, and feel there is more willingness on your part to listen to relatively close offers.

Another reason why pricing your property accurately can help you sell fast is that it makes it much easier for serious buyers to make an offer on the property. If a potential buyer knows that they have no reason to wait around for a lower list, they can immediately start negotiating and submit their offer. This can speed up the buying process and may even lead to a higher number of offers that you would have received had you priced your home unreasonably high. It will also help to avoid having to reduce the price of your home later on in the selling process.

Finally, another reason why pricing your property accurately is important is because it can help you avoid the need to lower the price of your home at a later date. Buyers become discouraged if they hear that a seller has to reduce their list price after just one month on the market. If buyers know that there is no chance for an immediate reduction, no matter how long it takes to sell, they are more likely to start negotiating as soon as possible rather than wait around and hope for a later reduction.

It can speed up the sale process since buyers will not have to wait for a price reduction before making an offer. Of course, pricing your home accurately is also good for you as a seller because it means that you stand to make more money on your old property and sell it more quickly than if you had priced it far too high and reduced its list price several times.

As shown above, there are many reasons why pricing your property fairly is important when selling your house fast. When done correctly, this technique can help potential buyers know that they have no reason to wait around and be able to start negotiations with their offer as quickly as possible. This way, you benefit from having more serious buyers who are ready to make an offer without waiting around, which can also speed up the sale process. 

As a Certified Pricing Strategy Advisor with NAR and Accredited Buyer's Representative, I am ideally positioned to assist you in adequately pricing your property to ensure a quick and smooth sale at optimal value.

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