Determining an asking price for your Salt Lake City home is one of the most important decisions you will make and will directly affect how much you get for your home and how long it will take to sell.
How you price your home should be based on the prices of Salt Lake City homes for sale similar to yours, because that’s your competition, and the prices of Salt Lake City homes that recently sold to determine what your home will appraise for when it goes under contract.
You should also consider the supply and demand for Salt Lake City homes like yours.
See “Salt Lake City Homes: Supply and Demand” for more on this topic.
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It seems like most home owners feel that they should price their home a little high to test the market because they think “ If the buyer likes it, they’ll make an offer even if the price is a little high”. This is a nice idea if yours is the only home for sale, but you are competing with other Salt Lake City homes that are priced right, so instead of making you more money, this approach costs you because it makes the competition look good.
The only time pricing a little high does work is when the market is going up and inventory of Salt Lake City homes for sale is low. So this is one way to price your home if the market is booming and going up.
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Most of the time, the Salt Lake City real estate market is flat, slightly increasing in value or going down, and there are a lot of homes to choose from.
When the market is flat, and there are a lot of Salt Lake City homes to choose from, the price of your home should be right on the mark. When the market is heading down and there is a lot of competition it makes sense to price slightly ahead of the market.
Keep in mind that Salt Lake City Homes that are listed and sold with a Salt Lake City Realtor typically sell for 96 to 100% of the asking price. Sometimes people do make low offers, but if you’re priced right, you don’t have to deal with these low ball buyers.
I help people sell their Salt Lake City homes and suburban Salt Lake Homes. |
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