Importance of Pricing Your Home Correctly to Sell

KEY WEST, Fla. - Oct. 14, 2020 - PRLog -- Per Fred Mullins, Top Producing Member of Team Mullins at Coldwell Banker Schmitt in Key West. The importance of pricing a property to sell quickly and for the right amount begins with taking a good look at truly comparable properties in nearby proximity. Real estate professionals call these comparable properties or simply "comps." These are homes in your neighborhood, and nearby communities, that have about the same square footage, the same number of bedrooms and bathrooms, and similar amenities.

What you're looking for is  properties that have sold in the past three to six months. You'll then use an average of those selling prices to come up with your own. Of course, there can be adjustments involved, including adding and subtracting for certain components. For instance, if your house has an extra half bath, that will increase its worth. Conversely, if your home is smaller in square footage, that would mean pricing it for a little less. Here are some pricing scenarios you want to avoid:

• Pricing too high. Some sellers do this thinking they're smart for having room to negotiate. But, this almost always backfires, because real estate pros won't show buyers overpriced houses, and your house won't show up in the proper search parameters online. Instead, when buyers search for property on the internet, they'll see it listed with more expensive homes that are truly in that price range. Ultimately, you'll have to drop the price, and that will cause you a lot of time and trouble.
• Pricing too low. Even if you're eager to sell, and want to move the property quickly, if you price it under its true market value, you will cause people to wonder what's wrong with the house.
• Price fluctuation. Either of the two above situations leads to changing the asking price, and that sends a signal that you aren't competent. Changing the asking price only hurts your ability to sell.

What all of this means is that it is very important to set the correct price from the start in order to sell the property for a fair amount and in as little time as possible.

Fred Mullins, P.A. holds an MBA, B.S., real estate license, United States Coast Guard Master Captain's license and commercial pilot's license. With over 20years of cross-functional experience in real estate, international asset management, and construction management, Fred's experience places him as one of the top real estate professionals in the Florida Keys.For help with buying or selling Real Estate in the Lower Florida Keys,
see http://lowerkeys-homes.com