Why Kenai Sellers Must Price a House Right (Or Risk Losing Out)
Why Kenai Sellers Must Price a House Right (Or Risk Losing Out)
When Kenai sellers think of the amount they want to sell their house for they may think of many aspects. Their original purchase price, the amount they have put in for renovations, and even what they need to buy their next home.
However, having expectations that do not match the Kenai market will result in sellers setting the wrong price. In fact, having too high of a price on a house is an easy way for buyers to ignore the property altogether.
This is why Kenai sellers should strive to always price a home accurately in order to get the best offer possible, fast.
Making a Profit
No one wants to break even on a house sale, let alone lose out on money. Most Kenai sellers think about how much they originally paid and hope they can get a lot more for a house when they sell.
Unfortunately, this is not always realistic. Especially, if if the market is still in a similar state and little has been done to improve the property.
Home buyers are not concerned with a Kenai seller’s return on investment. They are only thinking about if the price reflects the condition of the house.
Renovations Rarely Pay Enough
A homeowner should only undertake a major renovation if it has to be completed to save the structure of the house or if they truly want to enjoy the fruits of their labor while they live there. Why? Because most major renovations are only going to minimally impact the price of the home.
Homeowners are not always going to see a full return of investment when redoing a kitchen or a bathroom. If a renovation is truly cosmetic, the new homeowner may end up changing the room when they move in any way, wasting all of that money the old homeowner invested.
Too High of a Price
Kenai sellers often overprice the home in the hopes they will get higher offers and can haggle the price down to a reasonable point. But pricing the home too high with the goal of meeting the buyer halfway is not always a good plan. Buyers are going to look at the high price and be intimidated.
Many people are looking at Kenai houses on the internet and are sorting by price categories. This higher priced home may not show up if they are working with strict pricing needs. This means that buyers who may have loved the home and made an offer will completely miss the property.
The Other Homes For Sale
Sellers need to be aware that the houses in the Kenai neighborhood that are for sale are the competition. People are going to be looking at all homes in the neighborhood and comparing them to find the best one. This can include the price of the house compared to the usable space.
Always look at the competition and see why they have their homes priced higher or lower. Adjustments may need to be made to match the market and get noticed by buyers if the other homes have better amenities and lower pricing.
Pricing From Houses on the Market
If using neighbors to price a house do not look at homes that are currently on the Kenai market. These prices are just an idea of what the homeowner would like to get. This does not mean they are getting any offers. Nor does it mean their home is going to sell at this price.
Instead, look at Kenai homes that have recently sold. Find the asking price of the home and the final offer price, if possible. Compare these homes to the one being sold to see if they are similar in square footage, number of bedrooms, number of bathrooms, and other amenities. This can help a homeowner accurately price their home for what the market will allow.
Avoid Emotional Pricing
Even a Kenai seller who is moving to a bigger and better house has some sentimental value attached to their home. No one thinks of their house as a bad house. They want everyone else to enjoy it as much as they did.
Sometimes this emotion over the house spills over into a higher asking price. Avoid this problem at all costs by doing your homework and listing at a price that you can support.
Making Too Small of Cuts
Kenai sellers who want to sell their house but have seen it sit on the market for a long period of time may need to make price cuts. Making small cuts of a thousand dollars is not going to attract buyers. Needing to make several cuts over the course of several weeks or months is going to make it harder to sell. Instead, consider making one large cut to attract buyers and get that house off the Kenai market.