There probably isn’t any Nashville home seller who wouldn’t want to sell his house for as much money as possible. As tempting it may be to drive the asking price upwards to increase the profits made, overpricing usually makes it more difficult to sell any dwelling, especially considering how most homebuyers either work with realtors, or are educated enough to know when someone is trying to screw them over.
Folks who’ve tried selling their houses before will most likely have heard of the term “fair market value”, which is basically the highest amount an educated buyer is willing to pay. Unlike asking price, the fair market value is derived utilizing several factors to achieve a total that’s somewhat favorable for both the buyer and seller.
Realtors in Nashville like to conduct thorough market analysis for determining an estimated value in which their clients may dispose dwellings. However, these projected figures tend to fluctuate depending on the local housing market, as well as the prices of similar homes within the same area..
While there are numerous factors which could help the seller bag a better deal, it’s important to not raise the asking price irrationally. Here are some points that prompt people to raise their asking prices unreasonably high:
First a and foremost is certain upgrades given to the residence – while adding certain infrastructural upgrades to the residence will help any homebuyer regain a good portion of their investment, these aren’t good enough to retain it 100 percent. Moreover, the more personalized a certain upgrade may be (e.g. imported ceiling fan, black flooring, etc.), the less valuable it becomes in the eyes of potential buyers.
Second would be instances where sellers pay too much for the original dwelling – sometimes first-time homebuyers don’t know they’ve been ripped off until they meet a reputable realtor. Driving the price up higher in an attempt to recover the investment at the expense of sellers doesn’t warrant the action, and will most of the time be counterproductive.
As for the third and last factor, we have scenarios where inexperienced Nashville sellers jack up their asking price to afford a new residence at a higher-priced community. Anyone moving to a more prominent society would easily be tempted to dispose his original abode at a higher cost to help financially shoulder the move. While it’s a normal practice, some sellers tend to get a little carried away and increase their asking prices even higher, thereby hindering their ability to make a sale.
The Ashton Real Estate Group of RE/MAX Advantage
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