Is your house fabulous? Or not?
When pricing your home you need to take a hard look at how your house fares with all the other homes on the market in your area. Remember, buyers will have looked at every other house on the market in your area in your price range and will make an assessment, a financial assessment, within 5 minutes of walking in your door.
Reality is critical in pricing your home properly and getting it sold. Remember, an overpriced listing will simply help sell your neighbors homes first.
Assume that the buyers looking at your house are very well educated. They have been in 6-10 other homes in your neighborhood and will use those other homes (their features, their pricing) as a barometer to assess yours.
A valuable tool in getting your house ready to go on the market is to have your Realtor take you through 4, 5, 6 homes on the market in your neighborhood so you can really get a feel for how yours will hold up to buyer. This is especially true if you think your house should be priced in the top 1/3 of homes in the area.
Keep in mind that the first dozen potential buyers / viewers through your house (at least in Austin, TX) are your best opportunity for solid offers as these are the buyers who have been looking for a while and have seen everything else on the market. This is why you will tirelessly hear Realtors advise to price the home right in the first place.
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