For a Dallas/Fort Worth home seller, setting the right asking price is the most important thing. If your home is not in the correct pricing range, prospective buyers may not consider it and may not even opt to go for a showing. Consider that your asking price is the first impression that your buyers get about the house, so it is important that you make a good impression.
Pricing the house is not an easy process and it should be taken quite seriously. The house should neither be priced too high nor too low and taking a look at the other Dallas/Fort Worth houses that have been sold is only a part of fixing up the asking price. You need to have more information to get the price right.
Before determining the price of the house, make sure to do some research. A quick look at the Dallas/Fort Worth houses that have recently been sold will give you something to start with; however, it is not enough. You need to understand what the factors that buyers consider while looking for their home are.
Thinking about how you went on your house hunting is going to help understand what buyers are looking for. For starters, buyers do not restrict themselves to one area and may look at other neighborhoods or even other cities for their house. Buyers will be comparing your house to new developments, homes that are about 10 years old, etc. Location such as middle of the town, already established areas, suburbs, etc. will also be considered. The different look and feel of the house will also be considered by the buyer visiting your house.
This basically means that your house is not just competing against the house round the block, but also with houses located in other areas.
Mostly sellers use four common strategies to set the asking price of their house. Many sellers think that setting a higher asking price will get you a higher selling price. But this is not always true since buyers do pay attention to the market and this is why it necessary that you carefully set your asking price.
• Overpricing the property is a common strategy used by sellers. Agents recommend this especially when there are more than one agents competing for the listing of your property. But, as a seller, what you should know is that fooling the market is not in your best interest. The result will be that your house will be on the market for a longer time period than usual and it will be labeled as a troubled house by other agents who will be bringing the buyers to you. These agents will set a price lower than the market price for your house and the seller also has to go through the inconvenience of listing the property again and keeping the house in showing condition for a longer time.
• Some houses are somewhat overpriced and they also end up being on the market for longer time than they should. The reason for overpricing such houses could be that the seller thinks that the house does deserve a higher asking price than the market or s/he is leaving some room for negotiation. In this case also, your house will stay in the market for a longer time and you may not like the price that you finally receive.
• Some sellers price their Dallas/Fort Worth house at their current market value and these houses can sell quickly. They also get a price that is very close to the asking price.
• If a seller wants a quick sale of the Dallas/Fort Worth property, s/he or would set an asking price that is lower than its current market value. These houses get lots of offer, sell fairly quickly, and their final sale price may be higher or lower than their asking price. It will be, however, a good idea to make sure that your agent has your best interest at heart when suggesting this method of pricing the house.
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