The Top 5 Mistakes Sellers Make When Choosing a Price For Their Home

In the current Colorado Springs Area housing market there are very few reasons a home will “sit” on the market for longer than than the average (approx 2-5 days).  The #1 reason being the home is simply priced too high.  

At a time when homes in the area are selling quickly, for over list price many would-be sellers are quick to think that their home should be priced on the highest end of what is selling in their neighborhood.  Understandably sellers want to net the highest amount that they can get for their home, but pricing over market value may lead to a longer sell time.

Your local REALTORⓇ will advise you of what is appropriate for the market and neighborhood by researching the recently sold properties and doing a Comparative Market Analysis (CMA) on the subject property.  But it is still up to you the seller to choose the final listing price on your home.

Here are the top 5 mistakes sellers make when choosing a price for their home.

1) Not choosing the right price when the property is first listed.

• You may think “We can always come down.”  but when you make price adjustments you run the risk of stigmatizing your home leading buyers to believe that even with the price drop you may still be willing to accept less than adjusted price.

2) Putting the property on the market at an unrealistic price.

• A property must be priced on a comparative basis to other similar properties on the market in the neighborhood. 

3) Not relating marketing time to price.

• Generally, the quicker you want to sell, the less you should be willing to take.

4) Calculating brokerage fees on top of the sales price.

• A home is worth what it’s worth, with or without commission.

5) Thinking that buyers aren’t comparing your home, on a dollar-to-dollar basis, with every other home on the market.

• Yes, your home is unique and special - to you, but buyers are comparing it to every other home like it on the market. Features of your home that you think may add value may not be valued by buyers.

Pricing your home appropriately from the beginning will most likely (especially in the current market) bring in multiple buyers offering over list price. 

Colorado Springs Real Estate - EXIT Realty Mountain View, Brandy Brown Employing Broker/Owner - We help home buyers and sellers along Colorado’s Front Range including Colorado Springs, Pueblo West, Woodland Park, Fountain, and Peyton. Please contact EXIT Realty Mountain View at 719.375.3864 to connect with one of the amazing brokers on our team.
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