Top 3 Mistakes Homeowners Make When Pricing Their Home 2023
If you're planning on selling your property, one of the most critical factors to consider is pricing. It is one of the top 3 reasons why a home does not sell. To ensure that your home is priced accurately, here are the top three mistakes to avoid.
Mistake #1: Relying on Zillow as the primary source
While Zillow can provide basic information about a property, Zestimates can be misleading. They are computer-generated and don't account for important factors such as the property's condition and recent upgrades. We've seen Zillow pricing be off by as much as 20%, which is why it should not be considered accurate when pricing your home.
Mistake #2: Pricing based on neighbor's active listings
Don't make the mistake of pricing your home based on your neighbor's listing price. Especially if their home is not under contract, their listing price does not reflect the true value of your property. Additionally, homes that have been sitting on the market for a long time may not sell anywhere close to their listing price.
Mistake #3: Using outdated sales data
Real estate markets are constantly changing, and sales data from up to 12 months ago may no longer be relevant. Using old pricing information can lead to an inaccurate price point. Always use recent sales data to ensure that your home is priced accurately.
Pricing your home correctly is crucial to a successful sale. By avoiding these common mistakes, you can make informed decisions and get the best possible price for your property.