One of the most difficult aspects of selling a home is negotiating the price you want. While many may see this as a game of strategy between the two parties, the truth is, the process of getting your ideal price for your home starts well before these negotiations. Keep reading to find out how you should be working towards getting your price before you even put your home on the market.

Take a look at the condition of the market

When you set your asking price, you’re not just looking at the value of your home. You’ve got to look at the state of the market. This could be anything from making a physical survey of the quality of the area to looking at statistics of the market’s health. For example, in the last few months, Denver’s home prices have reached record-breaking highs. This means you could list your home at a reasonably higher than usual price.

Do your research

Before you establish an asking price, you should be looking at comparable homes for sale around you, or at those that have been sold. It could even help to pay a visit to these homes at open houses. Consider what the asking prices were of comparable prices that have taken a while to sell and the asking prices of homes that sold quickly. This will give you a good idea of what price the buyers will be enthusiastic about, and what price may have them hesitating to take the process any further.

Don’t aim too much higher than what you really want

A common strategy for home sellers is to have a high asking price in order to leave room for negotiating. However, there are two reasons why setting the price too high could be a bad idea, and one is specific to Denver. A high asking price can scare off a buyer from considering a home further, as they may have many other more fairly priced homes that seem like less work to bid on. Buyers may see an outlandish asking price as a sign that they may not want to do business with that buyer. They may also look at the asking price on a listing and assume the house is too big or otherwise not what they’re looking for without looking into its other features. Basically, potential buyers don’t like to have their time wasted.

The other reason why this is a bad idea is that in Denver, the demand for homes is very high. So high that you may not even need to worry about getting the price you really want. Many Denver sellers are reporting they were able to sell their home quickly and without any price negotiations at all. If your price is fair, listing your house for exactly how much you want can come across to the buyers as no-nonsense, and could motivate them to want to make an agreement before more competition come around. If you have an interested buyer that will not go as high as your asking price, it likely won’t take long for another prospective buyer to come along with the way Baker real estate is selling.

About PorchLight Real Estate: PorchLight Real Estate Group has the most experienced and knowledgeable Denver real estate agents in Colorado. For more information about homes for sale in Denver CO or specific neighborhood homes please visit www.porchlightgroup.com.

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