Avoid These Mistakes When Pricing Your Henderson, KY Home!

There’s no denying it: selling your home in this real estate market is not easy. Home prices are going down, and as much value as you may feel your home has, the current Henderson, KY real estate market conditions might say differently. In this buyer’s market, pricing your home is imperative to getting your property sold quickly and for the best price possible. While this might sound simple enough, pricing your Henderson, KY home for sale is far from easy. It is an art form that will require some help from your Henderson real estate agent.

As someone who as lived and worked within the Henderson, KY real estate industry for many years now, I have learned both what to do and what not to do when pricing a home for sale. I always advise my clients to price their home correctly from the beginning in order to avoid several price reductions and a lengthy listing process. These are some of the most common errors that I have seen several home buyers in the Henderson, KY area make that you can avoid when selling your home:

1. Many home sellers don’t do their research. It’s important to know what other homes in your area are selling for right now in order to get an idea of a price point for your own property, but you shouldn’t rely on that alone. Use a Comparative Market Analysis to see what other homes in your area that are similar to yours are selling for. You should also make sure that you investigate past sales to see the pricing trends of homes in your Henderson, KY neighborhood.

2. Hiring the listing agent who quotes you the highest price isn’t always wise. If there is one Henderson real estate agent in particular who is quoting a significantly higher listing price than some of the others you talk to, that is a red flag. That particular agent may be trying to “buy” your listing by promising unrealistic results. Instead of taking this approach, choose the agent who can back their price up with comparative market data.

3. Try not to get too emotionally attached. While this can be tricky, it’s important to remain as realistic and objective as possible when pricing your home. As someone who has spent many years in one place, your home will most likely be invaluable to you, and no price will be high enough. Focus on the statistics from your Comparative Market Analysis and the advice given to you by our real estate agent. You will find that your home will get sold much faster and for the best possible price.

4. Never overprice the home from the beginning. Your home sees the most traffic in its first days on the Henderson, KY real estate market. If you overprice your home from the beginning, many buyers will be immediately turned off, forcing you to lower your asking price. This can not only prolong the selling process, but it can also cause you to get less money from the sale, as once you are lower the price once, many buyers will wait for you to lower it again.

5. Don’t overprice your home because you have “time.” Even if you have all the time in the world to sell your home, overpricing is never a good idea. You have a greater chance of selling your Henderson, KY home if it is fresh on the market. Waiting it out could actually cause you to lose money on the sale, because waiting it out will likely mean that you have lowered the cost several times.

6. Don’t chase the market. Overpricing your home could create a chase against the local real estate market numbers. Even if you drop your home price incrementally throughout the selling process, if home prices in you area have dropped significantly within that time frame, then chances are your home will still be overpriced by the market’s standards. This can create a lengthy selling process, which will lend buyers to believe something is wrong with your home.

As a Henderson, KY real estate agent, I make it my responsibility to make sure that my clients avoid these six mistakes when pricing their home. Utilizing the right real estate professional and pricing your home correctly from the beginning will lend itself to a faster home sale, with you getting the best value for your property. If you would like a complimentary Comparative Market Analysis, or want to see some of the great homes on the Henderson, KY real estate market, don’t hesitate to contact me! I’d be happy to help in any way I can. I hope to hear from you soon!

Kathy Jackson
RE/MAX Superior REALTORS
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