Setting an Unrealistic Price
You may think your home is worth more, but remember to set a realistic price based on comparable homes in the area.
Whether you’re working with an agent or going it alone, setting the right asking price is key. Remember the comparative market analysis you or your agent did when you bought your home to determine a fair offering price? Buyers will do this for your home, too, so as a seller you should be one step ahead of them.Absent a housing bubble, overpriced homes generally don’t sell. In a survey conducted by the informational home sale website HomeLight.com, 70% of real estate agents said that overpricing is the number one mistake that sellers make.
Don’t worry too much about setting a price that’s on the low side, because in theory this will generate multiple offers and bid the price up to the home’s actual market value. In fact, underpricing your home can be a strategy to generate extra interest in your listing, and you can always refuse an offer that’s too low.