If you’re thinking about selling your house in the 37920 zip code (or anywhere in TN, one of the first things you’ll think about is “what price should we sell for?”. But there’s one thing you should understand first, and that is: How important is the initial asking price when selling a house in Knoxville TN? In this blog post, we’ll answer this question to help equip you when you sell your house…
When you want to sell your house, you set an asking price. Of course, most people know that this is rarely the selling price – so why bother setting an asking price at all? Just how important is the asking price when selling a house in Knoxville TN you ask?
The short answer is the asking price (if selling on the market) is EXTREMELY important.
You might now be asking well… “Why?”
An asking price is actually aso very useful “tool” because it does 3 things for you.
First, It Attracts Some Buyers And It Repels Other Buyers
There are home buyers at every price point in the spectrum. A higher price will catch the attention of higher end buyers and higher end-users such as families and single individuals, and a lower price will attract the attention of lower-price buyers, etc.
There’s nothing wrong with this – and after all, you don’t want to waste your time trying to sell your house to someone that has no intention of actually buying it. So, the right asking price can be used to help the right and REAL buyers see your house as a desirable purchase.
Second, It Reveals Information To Buyers
The price of your house, in comparison to similar houses, will reveal information to potential buyers. What do we mean by that? For example, if you live in a neighborhood where the average sale price is $100,000, and you’re asking $75,000, what does that say to prospective buyers? It says that your house may need some TLC or that you might be in a hurry to sell t he property. And what if you live in that same neighborhood but ask $125,000? It might say that your house is superior to the other houses because of how you’ve decorated it or some other special features.
Third, Your Asking Price Is The Starting Point Of Negotiations
In todays market in 2023, it’s very rare for a house to sell at the asking price. All closed home sales are the consummations of an agreement between the sellers and the buyers (or the agents that might represent them). The asking price simply puts a piece of info out there for the negotiations to begin from. As a seller, you might put out the price and then try to work on getting a higher price while your sellers will start with that price but then work on getting a lower price.
So, just how important is the asking price when selling a house in Knoxville TN?
The asking price is VERY important to help a house sell. But it’s not the only way to sell! If you’re not sure what your asking price should be, or if you’d like to skip the sales process altogether, you can get a cash offer from us!