Purchase price is the #1 obsession for home sellers. Set the sales price too high and your house sits for months (years?) with no offers. Too low and you leave money on the table. Sellers often wonder, "What's a reasonable price for my house?"
Let's start with the bad news. No matter how hard we all wish it were so, here's what a fair price is not:
- It's not your appraised value from two years ago
- It's not your mortgage balance plus $20K of "profit"
- It's not what your new neighbor paid for the house next door
Even as sellers with hundreds of sales, we've made the mistake of mis-pricing a house more than once. And every time, we suffered the agony of a long and expensive vacancy. Finally, we learned to accept the harsh truth: Sellers don't get to determine the fair price for a house.
The good news? Buyers don't either.
Continue reading "The Shocking (!) Truth About Sales Price" »
