Top Five Worst House Pricing Recommendations

People get all kinds of bad advice; the type that gets passed around and handed down whether it has been proven or not: marriage advice, car advice, parenting advice, you name it.

Some of the "best" bad advice comes from people who know and love you, and it's about how much money you can probably get for something.

As well-meaning as these friends and family are, this type of bad advice has the potential to hurt you financially, and you may never know it.

So, whether you are on the receiving end of some bad home-pricing advice, or you're about to dole out some of it, take a look at the list below and think again!

Bad Advice #1: You've got plenty of time to wait. Price your house high and wait for the right offer.

Some people erroneously think that the right buyer is out there somewhere and that you might have to wait to get the perfect high price on your home that you think it is worth.

They believe that if you have the time to wait, that offer will be sure to come in. The truth is just about the opposite of this bad advice!

Overpriced houses end up sitting there for a long time, and once they have been sitting there for too long, they start to look like there is something wrong with them, even if they don't.

Buyers end up thinking they can low-ball their offers since the house hasn't sold and sellers end up having to accept lower offers than they would have if they'd priced the home appropriately in the first place.

Bad Advice #2: Make sure you get the cost of your renovations out of your sale.

The people who know how time-consuming and expensive your new kitchen was want to see you get the most you can when you sell the house. Maybe you thought you'd get top dollar because of that new kitchen too.

That doesn't mean buyers want to pay what you paid for it. The truth is if you renovate, you need to make sure it's for your reasons and not to sell for top dollar.

Most home renovations only give you back just over 50% - if that - of what you spend on them. You need to know this going into a home renovation. Make sure you're doing it for the right reasons.

Bad Advice #3: Don't bother negotiating with a lowball offer.

Yes, sometimes offers are a little insulting. It's true that a buyer may give you a low offer because it's all they can afford and they thought they might as well try.

However, you might be surprised at the deals that will go through when an initial offer seemed way too low. There are some people out there who want to see what they can get.

You have nothing to lose by giving a counter-offer, even if your counter-offer is your original asking price!

Bad Advice #4: Add extra to your asking price so you can make a profit.

It would be great if you could make a profit on the sale of your house. If you live in it long enough, you might be able to do that.

However, it doesn't matter how much you want it; the price of your house should be based on what buyers are willing to pay.

Most buyers are being advised by real estate agents who are looking at comparable sales in your area. You aren't likely to sell your house for more than a comparatively sized home in your neighborhood sold for recently.

Bad Advice #5: You know best what your house is worth.

Sometimes no one even has to give you this bad advice. Many sellers are more attached to their homes than they realize and for a good reason.

You dug out those ugly bushes in the front yard and painstakingly painted that old wood paneling. But just as in the scenario above, your home's price should be based on hard facts and not emotion.

Buyers have their own ideas of what they want and the best person to give you an accurate representation of what your house is worth is your realtor.

Takeaway

The best thing for you to do is to ignore bad home pricing advice and get the help of a professional realtor today. This will give you the best chance of selling your home on time and for the best price you can get.

Call the Jamey Kramer Group today!

248-348-7200