Sellers very often become overwhelmed with the uncertainties of selling a house. At a first glance there seem to be so many factors that determine if, when, and how much a house will sell for. Interestingly enough, it can be simplified to two determining factors: price and condition.
Seems too simple until we discuss the things that you, as a seller, do not have control over. You are not going to move the house! The neighborhood you are in or the busy street you live on is just part of the house. Your not going to start spending money to change the floor plan. Your house has a galley kitchen! You can’t make the neighbors move. Ok, well, let’s not try! There are just certain things your not going to change.
You are in control of the condition of the house. Take care of those maintenance issues you have been procrastinating for years. Are parts of the house out dated compared to other houses you will be competing against? Is it time to change all those gold facets and light fixtures? Buyers today are less likely to take on a project. If they do, they want to be compensated for the effort! That means a lower price and not selling your house for top dollar.
Once we determine the condition, then we can determine the market value and begin to discuss a price. The price of your house relative to your competition will determine how many potential buyers even see your house. Look at the image below.
Being over priced a small percentage has a dramatic impact on the number of potential buyers that will see your house. The less that see your house, the fewer showings you will have. The fewer showings, the less chance of an offer. It just doesn’t pay to over price your house. It costs you time and energy! The more days on market, the lower the offers. Buyers start thinking your desperate. Price it right!