Common Mistakes in Pricing a House

Selling a property in Washington DC is not easy with all the competitive prices available in the market. As a seller, you want to reap returns of your investment. Pricing a house should be reasonable enough for you to earn without hurting the pockets of your customers. You must avoid mistakes to ensure sale immediately. The right thing to do is ask an expert who can estimate the right value of your house. More so, you must avoid the following pricing mistakes.

Pricing Too High Initially

Some sellers tried to trick the buyers by starting the price too high to create an impression that the house is great and contain lots of features. However, this is not the case, because most buyers are now skipping houses with high prices. They prefer small houses with smaller price tags. So, the tendency is you will lower your price. Then, you will have to change your listings, post card, brochures, and other marketing materials. It will entail another cost on your part.

Use of Odd List

When selling a Washington DC home, you don’t have to be accurate in your price. You don’t have to list the price with $548, 612. That will look odd and without sense. Realtors seek prices in round numbers. You can price it $550, 000. Listings are very important because these are the information buyers will look at first. Not basing it on sold homes Buyers tend to do researches about the prevailing market prices. So, you must base your pricing scheme with the price already sold in the market. As there can be different types of homes, you must base your price with the homes under the same category. In real estate in industry, the odd one out pattern also applies. So, make sure you belong to the group. If your house is good enough for the price, buyers will knock at your door for their interest.

Refusing to negotiate

When you set your price, you have to set a little allowance for negotiation. No matter how low the price tag is buyers will have the tendency to negotiate. You don’t need to refuse because you can still give a good price while making them feel better.

Setting the price too low

Unless of course, you simply want to get rid of your property, you should not sell it too low. It will create an impression that the house may have some hidden defects that’s why you are selling it below its fair market value.

Pricing is a strategy you should properly lay out with your realtors because it can make or break the success of selling the house. Most home sellers expect that their house will be sold immediately. This will only happen if you knew the preference of your target buyers. Setting it below or above the prevailing prices can harm your selling strategy.

On the other hand, you can adjust the price if you make some renovation in the house. Staging your house when selling it can significantly increase the value of your house. Repairs, decorations, paints, etc, can serve as a factor to increase the price.