A seller’s dream is to have multiple offers come in on their home. One way of driving multiple offers is to list your home at a lower price than it might be worth. When this happens, competing offers can drive the price up and often result in a higher selling price than if you just listed your home at the right price to begin with. However, this pricing strategy is inherently risky. There is always a chance that you could end up with a single offer at or below the already low (in your opinion) asking price. If this is a strategy you are considering I encourage you to be smart about it. To make it work you should consider pricing your home at the low end of the range your comparables uncover. The risk of pricing your home 2 or 3 or 4 percent below estimated market value may seem like a risk worth taking, but listing 20 or 30 percent below market value probably isn’t. If you think this is something you may be interested in your agent should definitely be able to talk you through other pros and cons of this pricing strategy and let you know if they feel it is right for you and your home. Just remember, the bottom line is that you should never agree to list your home at a price you’d be upset to accept.
Thinking of buying or selling a home in Sussex County? Give us a call at Cooper Realty Associates and put us to work for you – 302-629-6693.