What's my Listing Price going to be?
Pricing your home is an art -- not rocket science.
Achieving the optimal price is the result of both "objective" research into similar properties and basic instinct in determining how much a buyer will be willing to pay for your home. The correct price will attract showings, which will generate multiple showings generating offers.
It is unfortunate that price is the number one factor that most home purchasers use to determine which homes they want to view. It's also a fact to remember that although you and your Real Estate Agent set the asking price, the selling price is not determined by you! That's the job of the buyer.
The Correct Price Will:
• Result in a quicker sale, with less inconvenience to the seller
• Expose the property to more buyers
• Increase interest among real estate agents
• Generate more phone calls from your listing and advertising
• Keep your listing bright and fresh
Typically homes that sell more quickly, sell closer to or sometimes over asking price.
Some Common Reasons for Overpricing
• Vendors intimate sense of value
• Vendors fishing to get the maximum price
• Allowing extra to negotiate
Risk of Overpricing can be painful
• There is a pool of buyers who are waiting for new listings or price reductions. Some buyers wait to see your home if it is priced too high.
• Sometimes, a price reduction may be too late, as interest by buyers may have diminished.
• Buyers are reluctant to make an offer on a home that has been on the market for awhile or re-listed with several real estate agents thinking that there is something wrong with the home.
• Overpriced listings frequently help you to sell your neighbor's home that is priced correctly
Realtors have no control over the market, only the marketing plan. The seller determines the asking price. Never select an agent based on price.