Selling your home? 7 pricing mistakes that could put you in a soup!

Price your home right and you are SOLD!

You renovated your home, it is in a decent locality and you got the best brokers in and even advertised! But your home remains unsold. Chances are, that you have over priced it. Here are 7 mistakes that you make while pricing your home.

1) The home loan dudes won't pay that much: Most people who will buy your home will go for a home loan. Banks and financial institutions will appraise or value your property for the finance. If you over price it, the buyer will not get adequate finance as the real valuation of your home will be much lower than your asking price.

2) Nobody calling on the phone: If you over price your house, your phone will not ring and there will be no folks showing up to see the property. Buyers these days know the basics. Clear?

3) Branded overpriced: Whenever a new property like your's hits the market, every broker calls and finds out the price from you. Remember, they all want to do business and make their money. If your home is branded 'over priced', you are going to have a tough time generating any leads in the future, no matter how much you advertise.

4) Stagnation: Ever seen a property that has been in the market for ages and has not sold? Buyers start wondering if there is something wrong with the house. The longer your property sits in the market, the staler it becomes. Brokers loose interest as well.

5) Tough prospects: Those are the guys you meet when you over price your home. The longer it is in the market, the harder the buyer is going to negotiate. Can you hold on to that price forever? Why would you be selling anyway then? Get our point? It is basic, buyer psychology.

6) Opportunities lost: We all set out in the property market with a pre determined budget. By over pricing your house, you are loosing out on a lot of buyers who will not look at your house simply because it just does not fit in their budget!

7) Helping competition: By over pricing your home, you are helping competition sell out. They need more people like you. They make their right priced properties look like bargains when compared to your's. Simple isn't it?

Do not make these 7 pricing mistakes and you could be walking to the bank with a cheque sooner than you thought!

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2) 12 top reasons why home owners sell their homes and move on

3) Black money in Indian real estate: A Case Study