Pricing Myths That Will Hinder The Sale Of Your West Knoxville Home
Selling your West Knoxville home ultimately comes down to one thing: money.
Sellers want to sell their home for the most money possible and in the shortest amount of time possible.
Still, selling there are a lot of pricing myths that hurt sellers when they try to sell. In this post, we’ll cover some pricing myths that will hinder the sale of your West Knoxville home.
Price It High To Start
So many sellers think they have time to test the waters pricing their home when they’re not in any hurry to sell. This is another common pricing mistake Knoxville sellers should avoid.
The reality is the longer your home sits on the market, the less interest it garners from buyers. When a home first hits the market, it is something new and exciting for buyers. But, once a home has sat on the market, buyers start to see it as something less interesting. This is why home that have sat for awhile take more price drops that those that are priced competitively from the start.
If you’ve got time, don’t think about starting to sell your home until you’re serious. Pricing your home competitively will help it sell faster and for the best price.
Shouldn’t We Wait For A Better Offer?
Have your ever heard the say: the first offer is the best offer? While that’s not always the case, there is some truth to that old adage.
First, when you finally do get your first offer whether it has been a matter of hours, days, or even months, it important to look at the bigger picture as to why you may be receiving this offer. If your home is fresh on the market, you’re likely getting an offer because your home is new the the market and a hot commodity. If you’ve recently dropped the price, you’re likely getting an offer due to the change in price.
Changes like these often incite a buyer to write an offer. If the home is new the market or had a price drop, they often worry that the home won’t last long on the market. So, if you’re inspired to wait for a better offer, you may want to think twice. Your home will only be a hot commodity for so long after being new to the market or dropping the price.
In addition, the longer your Knoxville home is on the market, the less of a novelty it becomes to buyers. With a home being such a large purchase, many buyers spend a decent amount of time looking for homes. If you’re market has been on the market for awhile with the same price, many buyers see your home as old news. They may even wonder what is wrong with your home and why it hasn’t sold. This is why you shouldn’t wait longer for a better offer because one may not come.
Failing To Hear A Professional Opinion
When you sell your West Knoxville home for sale, it is ultimately you who decides the listing price of your home.
Still, an experienced West Knoxville real estate agent is there to offer you assistance in pricing your home. It is their job to know the West Knoxville market, so be sure to listen to what they have to say.
An agent will be able to show you what is for sale in your area and what has recently sold in your area, with that, he or she can help you determine a price for your West Knoxville home.
Zillow Says It’s Worth $30K More
Finally, don’t get too caught up with what Zillow or other automated pricing models say about your home price. Just because you saw it somewhere on the internet, doesn’t make that price true. We tend to want to believe these statistics when they come in high and we want to call them wrong when they say they’re too low.
The best way to find out a fair price for your home? Talk with a Realtor. They spend day in and day out on the local market, they can give you a better idea of what your home may be worth. They can look at homes that have sold around you or are currently for sale to help give you a better idea of your home price.
A Realtor can also provide you with real statistics as to why they feel your home is worth what it’s selling for.
Are you thinking about selling your West Knoxville home this year? Please let us know if there is any way that Knoxville Home Team can assist you. Rick can be reached at 865-696-9002 or via email at Rick@KnoxvilleHomeTeam.Com. Kati can be reached by phone at 865-696-1888 or at Kati@KnoxvilleHomeTeam.Com.