It is said that the "Golden Rule" in real estate is LOCATION, LOCATION, LOCATION. But what many Home Sellers don't realize is that it's not just Location, Location, Location...there is a "Golden Rule" for selling real estate - PRICING, PRICING, PRICING! The two go "Hand in Hand".One of the single greatest errors that owners make relates to Pricing. Why? Because if you are priced too high, those with higher budgets and expectations will come to see your home then leave. And those who can afford your house will not arrive to see it because they will assume they cannot afford it at all. In this day and age of good access to information and buyer representation, Home Buyers are well-informed about their choices and the true value of homes in the marketplace.
Arriving at the right price is the single most important, and least forgiving decision, you will make with your REALTORS®. If you set your price too high, potential purchasers, well-informed by their Agent, will pass it by in favour of more accurately priced homes.
You may say, "Make Me An Offer"!! but from my experience Buyers figure you won't accept a large decrease in price, so they don't bother to make any offers. On the other hand, if you decide to reduce your price, you may end up selling your home for less than had you priced it right the first time. This can happen because homes that have been on the market for a long time become "Stale" or Stigmatized", and then burdened with "something-must-be-wrong-with-that-home" syndrome, which will ultimately weaken your negotiating position since Buyers may assume you are now under some pressure to sell.
