Your asking price represents your offer to today's buyers. The sales evidence provided by me will help you set a fair market price.
Questions Often Asked -
How did you price my home?
By comparing it to similar homes recently sold, still for sale, or withdrawn from sale due to lack of willing buyers at the asking price.
Can we ask a high price but listen to offers?
Unfortunately this method can attract the wrong buyers. They will be expecting much more as the price suggests, and the property will suffer in comparison with your competition. Seldom do you lose buyers in the negotiation stage. you lose buyers in the showing stage - if the property is overpriced buyers won't look or take it seriously.
Price is the window through which buyers look for homes. Correct prices attract the right buyers.
We need X dollars?
Our price is based on your competition and represents a fair market price that an informed buyer will pay. Pricing on the basis of the needs of the owner inevitably results in over-pricing.
The benefits of correct pricing -
- Faster Sale
- Less inconvenience
- More prospective buyers
- Agent and office enthusiasm = more activity
- More offers and higher offers
- Real Estate agents don't establish value, the market does
- Agents have control over the marketing plan, not the market
- All the advertising in the world won't sell an over priced property
- The market is not always kind, but never wrong
- Agents don't determine what buyer's buy, they determine what buyers see through correct pricing and marketing.
The best buyers who are currently in the market for your home such as yours, will most likely be the first to pick up the phone and make an appointment to view. Most people who are looking for a new home view up to 20 or so properties, they know market values, and will reject your home if it is seen to be priced above market value.
It is rare for these buyers to return to the home weeks later to buy, as they will have already made their judgement based on the initial price.
The first 2 - 3 weeks of marketing are when the motivated buyers come through. This is when you will have the best opportunity of selling, and at the best possible figure. If it is realistically priced at the outset, your home will compare well with the competition. It can be tempting to list with a consultant who promises you the highest price for your home. Be aware that if this figure is unrealistic, it can result in your home being on the market for a long time. When it does sell, it is often well below its realistic market value.
Over the first 4 weeks asking price is acceptable
Over the next 4 - 6 weeks a small expected reduction is envisaged
After 4 - 6 months the buyer expects a heavy reduction in price
Over 6 months, the bargain hunters are active
Therefore, price right, and listen to market feedback.
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