Proper Pricing Based on Market Analysis
A property that is priced well sells quickly. The benefits of proper pricing are especially important in the first few weeks of having your home listed. A lot of serious activity will occur in the early marketing period and it is vital that the price attracts the right buyer. Pricing should be monitored and reviewed on a consistent basis.
When your property sells after little time on the market you can save money. You will be paying less for: carrying costs, mortgage payments, taxes, insurance and other ownership costs.
You may want or need to move before your property sells. There is also the time and energy it takes to prepare your home for showings, keep the property clean, make child care arrangements, and generally alter your lifestyle. Proper pricing shortens the market time.
Exposure To More Prospects
At market value you can open your home to the proper target market and therefore more people who can afford it.
Increased Salesperson Response
When salespeople are excited about a property and the price of a property, they make special efforts to contact all their potential buyers and have them see the home in a timely manner.
Better Response From Advertising and Sign Calls
Ad calls and sign calls more readily turn into showings when price is not a deterrent.
More Money To Sellers
If a property is priced right, the excitement of the market produces higher sales prices. You will net more in terms of actual sales price and lower carrying costs.
OVER PRICING YOUR HOME
Improvements should be made for enjoyment, not for resale. You cannot add an item to a property, select it to your style, use it, and then expect a buyer to pay the cost of the improvement.
Your need for money does not increase the value of your property.
Buying In A Higher Priced Area
Values are location specific. High values in your new destination do not increase the value of your existing property.
Lack of Factual Data
Base your opinion of value on recent documented sales prices.
Buyers may offer low, but they will do that at any price. It is easier to negotiate up to a fair market value than to an inflated price.
Move Isn't Necessary
Even if your move isn't necessary at the moment, it is important to price correctly to preserve your marketing opportunities when the move becomes urgent.
Third party companies purchase thousands of properties a year so the offer you receive is usually at market value. Market your property close to that price.
"Couldn't We Try It At Our Price For a Couple of Weeks?"
The majority of activity on a listing occurs in the early period of marketing. This happens because Realtors maintain an inventory of active prospects and when a property is newly listed, Realtors arrange for their clients to see it. Once this active group has seen the property, showing activity decreases to only those buyers new to the market. For this reason, it is important that sellers have their property in the best condition and at the best price when first exposed to the market.
"They Could Always Make An Offer."
The wrong price attracts the wrong buyers, not the right ones. Realtors find properties by price range on the Multiple Listing Service computer program. If you price your property above its range, the right buyers will never see it.
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