Should You “High Ball” Your Listing Price?

Tuesday, December 15, 2015   /   by Michael Axelrad, GRI

Should You “High Ball” Your Listing Price?

Should You “High Ball” Your Listing Price?

One of the most important decisions you make when selling your home is
setting the listing price. That can be tricky. After all, if you price your
property too low, you leave money on the table perhaps thousands of dollars.
On the other hand, if you price your home too high, many buyers won’t even
bother to see it, believing it is too expensive.

Even with that reality, there are some sellers who contemplate setting a high
listing price in the hopes of a windfall. They want some unsuspecting buyer
to fall in love with the home and buy it even though it’s overpriced.
That rarely, if ever, happens.

Instead, the listing often languishes on the market because its listing price is
conspicuously much higher than its market value. Think about it. If two similar homes,
side by side, are for sale, and one is priced $40,000 higher than the other,
wouldn’t you wonder what was going on? That’s exactly what the market thinks.
“Why is that home priced so high?”

Of course, many buyers, who might otherwise be interested in the property,
won’t even consider seeing it, simply because it’s outside their price range.
It gets worse. When an overpriced home sits on the market with no offers
for several weeks, the price will often need to be adjusted down. That helps
the situation a little. However, you’ve lost the excitement created by a “new
listing.” Yours is now an old listing struggling to get attention.
There’s a better way
Setting your list price at or near the market value is much more likely to
generate interest from qualified buyers and maximize how much you make
on your home. That market value may even be higher than you think!
Interested in finding out how much? Call today. 917-853-7005
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