If you’re thinking about selling your house in the 06511 zip code (or anywhere in Connecticut, one of the first things you’ll think about is selling price. How much should you sell the house for? But there’s one question you should understand first, and that is: How important is the asking price when selling a house in Connecticut Connecticut? In this blog post, we’ll answer this question to help equip you when you sell your house…
When you want to sell your house, you set an asking price. Of course, most people know that this is rarely the selling price – so why set an asking price at all? Just how important is the asking price when selling a house in Connecticut Connecticut?
An asking price is actually a very useful “tool” that does 3 things for you.
First, It Attracts Certain Buyers And It Repels Certain Buyers
There are buyers at every price point in the spectrum. A higher price will catch the attention of higher end buyers (while it repels low-end buyers) and a lower price will attract the attention of lower-price buyers (while it repels high-end buyers).
There’s nothing wrong with this – after all, you don’t want to waste your time trying to sell your house to someone who has no intention of buying. So the right asking price can be used to help the right buyers see your house as a desirable purchase.
Second, It Reveals Information To Buyers
The price of your house, in comparison to similar houses, will reveal information to potential buyers. For example, if you live in a neighborhood where the average sale price is $100,000, and you’re asking $75,000, what does that say to buyers? It says that your house compared to other houses in the area probably needs a little bit of work done to it. Or it might say that your house is smaller or on a smaller plot than other houses in the area. Pricing a house lower that other comparable houses in the area might also let buyers know that you want to sell quickly! You’re not interested in getting a bunch of potential buyers through your house in order to squeeze out the absolute best offer price! And what if you live in that same neighborhood but ask $125,000? It might say that your house is superior to the other houses because of how you’ve decorated it or significant updates that you have done to it. Big expensive updates like new windows, a new roof, new furnace, new siding, etc are good reasons to price your property higher than surrounding houses that don’t have these expensive upgrades!
Third, It Is The Starting Point Of Negotiations
It’s very rare for a house to sell at exactly the asking price. All home sales are negotiations between the sellers and the buyers (and the agents that might represent them). The asking price simply puts a piece of information out there for negotiations to begin from. As a seller, you might put out the price and then work on getting a higher price while your sellers start with that price but work on getting a lower price. Sometimes pricing your house a bit below market value is a good way for you to get buyers to compete for it! They all see the great value of a house that is priced a bit less than it should, and buyers many times will come in with their highest and best offers! You still get a great price for your house and you also get to sell it very quickly, instead of waiting months for the right buyer to come by.
So, just how important is the asking price when selling a house in Connecticut Connecticut?
It’s very important to help a house sell. But it’s not the only way to sell! If you’re not sure what your asking price should be, or if you’d like to skip the sales process altogether, you can get a cash offer from us! We buy house in as-is condition. We also have an equity preservation pathway for some sellers which allows you to keep even more of the equity from your sale. Contact us to learn more!!