Factors Affecting Your Asking Price

  • Location, square footage, and condition of your home
  • Level of demand for homes in your area
  • Amount of competition in your price category and area
  • Recent sale prices of homes of similar size and in a similar location
  • Availability of financing and interest rate levels
  • How quickly you need to sell
  • Whether you need to sell in order to finance the purchase of another home

Factors that Don’t Affect the Asking Price

  • What you originally paid for your home
  • The cost of improvements you have made to your home
  • What it would cost to build your home today
  • How emotionally attached you are to your home

Dangers of Overpricing

  • Qualified buyers won’t consider your home, believing it to be financially “out of reach”
  • Your home is on the market a long time, growing “stale,” and increasing the perception that there is something wrong with it
  • The highest and best offers usually occur in the first 30 days of listing your home. An overpriced home misses out in this crucial time period.
  • Your home helps similar homes that are priced more competitively to sell faster. It demonstrates these other homes offer a good value.
  • Lowering your price later on gives the impression that your home is “unwanted”