How To Price My Home?
Smart, competitive pricing is essential. When you price too high, your home stays on the market longer, prolonging the process and increasing your expenses along the way.
Home Seller Mistake No. 1: Pricing Too High
“I can always lower the price later if I don't get any offers.” That statement costs home sellers millions of dollars every year.
Yes, you can always lower your asking price, but that’s not a good strategy.
Time and time again, experience shows that sellers who list competitively from the start get a better price than sellers who list high and then go lower and lower.
Why? Psychology.
When you price too high, here's what buyers think:
“Wow, three price cuts in the last four months… There must be something wrong with that house.”
“With all the price cuts on this house, the sellers must be desperate. Let's offer them far below what they’re asking and see if they bite.”
Sound Pricing Strategies
A far smarter approach is to allow me to do a market analysis and then work together on setting the right price. We must avoid overpricing.
I look at the following two things when determining price mostly...
Similar homes, via a Comparative Market Analysis (CMA): I will provide a professional analysis that goes deep into stats about recent sales and current listings similar to your home in size, age, condition and features. Sales within the past six months are especially relevant.
General market conditions: Is it a seller's market or a buyer's market in your community? It's important to note that what's happening nationally may not reflect local conditions. I can explain the difference and clear up any misconceptions you may have.
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Community Updates
Miller's Bay
Miller's Bay, on the west side of West Lake is a popular spot for boaters in the summer to just go chill out, throw an anchor, and relax. On the weekends, this bay is filled with boats tied up to each other offering families the opportunity to have the kids swim, or you might find a bunch of party animals chugging beers and enjoying the summer sun. Either way, everyone is having a great time, and so if you are out and about, just know that Millers Bay is where boaters go in the summer to be where the party is at.
Pike's Point State Park
Pike's Point is located at 15973 213th Ave, Spirit Lake, IA on beautiful West Lake Okoboji. It is one of the largest parks in the Iowa Great Lakes, and provides for all kinds of activities including fishing, swimming, bird watching etc. This park also has a rest room, and a beach. If coming by boat, one wants to be careful as the point extends far into the lake, and there is a warning buoy roughly 300 feet from the point of shore. In 2010, many trees here were uprooted because of some severe straight line winds during the storm that reaked havoc through the Iowa Great Lakes.
The Three Sons
Founded in 1960, the Three Sons has been a staple of Milford, IA retail. From Herman and Emil Richter, owners, was born the University of Okoboji, a ficticious university that calls the entire Iowa Great Lakes the campus of the U of O. Part of the experience of shopping the three sons, if walking the old battered floors, and taking a trip upstairs for half price, plus a buck. Brands you would expect in Milford Iowa are abundant, such as Patagonia, Oakley, Under Armour, Tommy Bahama, and more. There are currently 2 other stores; one at the amusement park, and another near the Regal Beagle called the bridge store. No self-respecting visitor to Okoboji leaves without visiting one of their stores.
