The Price is Right... or is it?

When it's time to sell, how do you come up with a valid, reasonable, sound asking price? It doesn't matter how much you paid for it. It doesn't even matter how much renovations cost. What matters does matter is the demand on the market for a comparable place.

Ask higher than the market will bear and you won't even get a nibble. Ask too low and you risk people assuming there's something wrong that you're not disclosing. 

This was made very clear to REALTOR Jim Smart years ago when a friend, Denis, put his house on the market for a very low price. It sat on the market for a year with no bites. Now, this was before Jim was a REALTOR, but he had a fair amount of experience valuing Real Estate. For several months he advised Denis to significantly increase the asking price. He gave him a number, what he felt the market would bear. 

Finally, in frustration, the friend did as Jim was advising - almost doubling the asking price. Within a week he had an accepted offer! In fact, the first person to look at it after Denis increased the price offered to, and eventually did buy the home.

Most agents say that getting sellers to start with a realistic asking price is one of their biggest challenges. 

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DQ Team

DQ Team

CENTURY 21 Desert Hills Realty (2010) Ltd.
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