Determining the Listing Price

 Pricing  your  home  is  an  art  — not a science.

 Achieving the optimal price  is  the result of both objective research into similar properties and  instinct in  determining how much a buyer will be willing to pay for  your  home.  The  right  price  will  attract  showings,  which  will generate offers.

The  unfortunate  fact  is  that  price is  the  number  one  factor that most  homebuyers use to determine which homes they want to view. It’s also important to remember that although you and your Realtor set the asking price, the selling price is determined by the buyer.

The Correct Price Will:

  •  Expose the property to more buyers
  • Result in a quicker sale, with less inconvenience to the seller
  • Increase Realtor response
  •  Generate more ad calls
  •  Prevent your listing from getting “stale” or “shop worn”

 Typically  homes  that sell more quickly, sell closer to or sometimes over asking price.

 Some Common Reasons for Overpricing

  • Over-improved property
  •  Original purchase price too high
  • Desire for “negotiating room”

 Overpricing Pitfalls

  •  Most  of  the  activity on  your  home will occur in the first few weeks.
  • Pricing ahome properly creates immediate urgency in the minds of buyers and agents.
  •  There  is  a  pool  of  buyers  who  have  seen  most  available homes  in  theirprice  range and are now only waiting for new listings  or  price  reductions.  Abuyer  that has been waiting, may fail to see your home if it is priced too high.
  • Sometimes, a price  reduction  may  be too late, as interest by both buyers and Realtors, may have waned.

 Buyers and  their  agents are very aware of the length of time on  the  market, the most  common  question  continues to be: “How  long  has  it  been  on  the  market?”  Often buyers are reluctant  to  make  an  offer  on  a home that has beenon the market  for  “awhile”  thinking  that there is something wrong with the home.Unfortunately,  overpriced  listings  frequently help you to sell your  neighbor’ reasonably  priced  home,  making  it appear that their home is priced very well.

 The Role of a Real estate Agent in Pricing

 Provide  you  with  a  comparative  market  analysis,  which  is a comparison  of recent  homes  with  similar  amenities  that  are available, in escrow and sold. There  is  no  “exact price”; your home is worth what a buyer is willing to pay. The  market  determines  value;  together  you  and  your agent determine asking price.

  Realtors  have no control over the market, only the marketing plan. The  seller  determines  the  asking  price.   Never  select  an  agent based on price. 

If you’re serious about selling and not just listing your property, call me today. I will give you an honest evaluation of what it is going to take to get your property sold.

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