Why do people undersell their homes?
Every time I see a house sell for under value I wonder what happened. Were the owners desperate? Was it priced incorrectly? Was something wrong with the building? I see all of the new listings and keep track of what homes are selling for. When I see homes sell for under asking, it’s generally due to poor marketing, incorrect pricing, or a lack of high quality photos. Most home owners have a pretty good sense of the market. They read the headlines, they know if the market is hot, if it’s changing or if it is a buyers or sellers market. What they don’t fully understand is where THEIR home fits into this niche, and they DON’T have a process in place to navigate their specific niche.
Just because the papers say that the market is slowing, does that mean your condo is going to get less attention? Not necessarily. Condos vs homes, 2 bedrooms vs 1 bedrooms. Every niche will have its own specific market trends.
With the proper plan, expectations, and follow through you should never undersell your home. It’s an entire process and one that if you follow and trust you will reap the rewards.
Trust the process.
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