Setting a Price for Your Long Island NY Home

When setting a price and trying to sell your Long Island NY home, conventional wisdom would have you think low-ball price. That thinking is not necessarily correct, however.

In residential real estate, the asking price is often as much about psychology as it is reality. Most home buyers don't realize that setting an asking price is primarily a negotiating tactic. When you set a list price, you're sending a signal to the market.

Selling your Long Island NY Home means making sure you set the best price for it.

Many sellers overestimate the worth of their Long Island NY home, and some agents will start with a price that is too high to avoid hard feelings. Others agents may start high just to get the seller's business or, conversely, they'll price too low for a quick sale and commission.

When pricing your Long Island NY home for sale, remember one key thing. No one cares what you paid for the home. It's all about what it's worth in today's market.

Psychology of Pricing a Long Island NY Home

No one claims to fully understand the psychology of pricing a Long Island NY home. But some common practices have emerged. For example, research has found that an exact asking price, such as $595,475, often indicates that the price is less negotiable than a round number, such as $600,000. Perhaps those using precise pricing show confidence in their price.

Additionally, pricing at $599,900 rather than $600,000 influences buying decisions on a subconscious level. The home "seems way cheaper." And even when a Long Island NY home sells above asking price, the initial lower asking price can make buyers feel like they are getting a great deal. The goal is to make it stick in your head that you're getting a bargain. It's the way our brain looks at numbers.

Above all else, listen to your listing agent when he or she recommends a list price for your Long Island NY home. Your agent knows the market and what's selling. You have about a month to six weeks when your home hits the market before it starts to get stale and fade from prospective homebuyer's minds.

More articles about selling your Long Island NY home can be found in the Long Island NY Home Selling Tips section under Long Island NY Real Estate Categories Categories to your right.

Selling a Long Island NY Home – Watch Curb Appeal

If you're currently selling a Long Island NY home, or just considering selling, one thing you need to remember: You don't get a second chance to make a good first impression. That's why you must watch your curb appeal, and make sure you kick it up a notch to stand out in the neighborhood drive-by.

Even if your budget is limited, there are still some things you can do to increase the perceived value of your home so potential buyers aren't turned off before they even get to see the inside of your Long Island NY home…

For more tips on selling a Long Island NY home, check out our other articles and information at the Long Island NY Home Selling Tips link to your right under Long Island NY Real Estate Categories.
 

Challenges When Selling Your Long Island NY Home

When selling your Long Island NY home, there are a lot of things to think about and do, especially if it’s your primary residence. Aside from all the normal things that go with moving, like packing, finding a mover, notifying everyone, etc., there are a lot of other details you need to devote your attention to.

Things to Consider Before Selling Your Long Island NY Home

When selling your Long Island NY home - clear out the clutter

Fixing Things – Before putting your house on the market or contacting an agent, you need to make sure your Long Island NY home is ready to sell. Repainting the house, fixing anything that’s broken and replacing damaged fixtures inside and outside. Clean up and clear out clutter. Keep in mind that presentation is everything, so you need to get as much work and clearing out of clutter done before placing the property on the market.

Find an Agent – Make sure you hire a professional real estate agent to help you in selling your Long Island NY home. Someone who knows a lot when it comes to the delicate processes and legalities of selling your property. Whoever that person might be, make sure they have a proven track record. Since you will hire a professional for the job, expect there to be a lot of money involved. Real estate agents get a percentage of the selling price. That amount will be out of your pocket as soon as the process starts. Also, remember you will pay any sales taxes on the commission. Of course, you can always decide not to hire an agent to sell your property, but you need to prepare yourself to do all the legal work; and that could be very tricky if you don’t know what you’re doing.

Detach Yourself – It’s easy to become emotionally involved in selling your Long Island NY home. This may even be at the top of the biggest challenges home sellers will face once they decide to sell. Once you make up your mind, know that it already becomes a commodity. People will be going in and out to check the property and you cannot get too emotional if they start criticizing your home. People may appreciate it or not, so be ready for those comments and take them constructively. You may or may not decide to make the improvements from those observations but don’t let them get to you.

Consider Market Conditions – Don’t be in a rush about selling your Long Island NY home. You need to study the market condition and see what options are available. Get someone who can give you an appraisal that’s realistic and well documented according to market conditions. If you think your price is too high, you may want to consider selling at a lower price or offer. Whatever that price may be, make sure it’s coming from a professional who’s not ripping you off.

These are just a few of the things you need to consider when selling your Long Island NY home. For more tips on selling your Long Island NY home, check out our other articles and information at the Long Island NY Home Selling Tips link to your right under Long Island NY Real Estate Categories.

How NOT to Sell Long Island NY Homes

If you want to sell your Long Island NY home, everyone knows there are some things you need to do in order to make your home stand out from the others on the market. But here are 5 things NOT to do when trying to sell Long Island NY homes, unless you're not really serious about the idea of selling in the first place.

For more tips on selling Long Island NY homes, check out our other articles and information at the Long Island NY Home Selling Tips link to your right under Long Island NY Real Estate Categories.

Selling a Long Island NY Home – Minor Improvements May Help

If you're selling a Long Island NY home, making minor improvements may help you get a faster sale.

Make sure your property looks good and is nicely spruced up on the outside, rather than considering larger scale renovations that may not recoup your investment.

Selling a Long Island NY Home – Best Improvements to Consider

Selling a Long Island NY Home - Suggested ImprovementsA recent survey canvassed interior designers and real estate agents, asking them to identify the best home improvements sellers could make. According to the article in Propertywire, it was agreed that minor improvements such as redecorating walls in neutral colors, and making other minor improvements such as landscaping upgrades could be cost effective and may help achieve a faster sale.

It was also agreed that sellers should avoid taking out costly projects just before selling a Long Island NY home, as the increase in the sales price might not equal the money and time spent on remodeling the property. Instead sellers are advised to focus on improvements that will help broaden the appeal of the home while bringing it up to reasonable standards.

Buyers are expected to have an increased choice of properties on the market this year compared to last year. It's best to concentrate on improvements that will appeal to the largest number of people. Buyers tend to shy away from inheriting someone else's style and taste. Instead freshly painted rooms in neutral colors, a neat and tidy yard and a clutter free home will always give a property added appeal to the most number of people. The number one piece of advice is to make sure the home looks good from the outside, and that it has good curb appeal. A freshly painted front door combined with a clean and tidy entrance helps to give good first impressions.

When selling a Long Island NY home, although major renovations are not recommended, sellers are advised to spend a little bit of money on smaller updates. These might include renewing older style lighting fixtures, and carrying out minor kitchen and bathroom updates. This might be something as simple as just renewing out-of-date cabinet or door handles.

De-cluttering is at the top of the list of things to do when selling a Long Island NY home, as is thoroughly cleaning the home. If the property feels spacious and clean it makes it easier for potential buyers to envision living there.

Check out our other articles and tips on selling a Long Island NY home by visiting the home selling tips section of our website to your right under our Long Island NY Real Estate Categories.