Price Your Home Properly in the Beginning
If your initial list price for your property is reasonable, more buyers will be willing to consider your home!
In today’s market it is more important than ever to price your property competitively from the start. The first few weeks are when you will generate the most activity among brokers and buyers.
If You Price Your Home Too High
- Today's buyers are more price aware. They will be reluctant to look at over priced homes.
- It will diminish the critical “new inventory” excitement.
- The pace of showings will slow considerably.
- A price that is too high will lengthens the market time, which often results in a lower selling price.
- The chances of receiving multiple offers will be non-existent.
- The first offer will likely be a "Low-Ball".
- The price may not be validated by an appraisal for financing if a contract to sell is made, which will require a price adjustment at closing.
If Your Home is Competitively Priced
- It encourages a faster pace of showings.
- The number of second showing appointments will increase.
- The chances of a multiple offer situation will increase..
- The final discount to original list price will be reasonable.
If Your Home is Priced Below Market (Rarely Happens)
- You may encounter a showing frenzy.
- Buyers may have to wait at the curb to see the house while a current showing is in process.
- Multiple offers and offers that are equal to or greater than list is very possible.
- The seller could get very favorable inspection terms.
Final Pricing Philosophy
- Use a price range to guide the final pricing decision.
- Consider homes currently on the market as well as recent closed sales.
- REMEMBER: It’s not the list price that matters;
IT’S THE FINAL SALES PROCEEDS