You have a much better chance of selling your property quickly and for more if you price it to meet the market in the first weeks of the marketing campaign.
This strategy is much more successful than pricing it high and hoping that someone may pay that ‘premium’ price.
You should always be careful of an unscrupulous agent promising you an unrealistic price.
They want your business so they might be telling you what you want to hear.
By overpricing your property you could waste the crucial stage of attracting genuine buyers in your initial market exposure. You will also help to convince buyers that other fairly priced properties are better value and, most importantly, you will end up showing the property to the wrong group of buyers.
If your property is worth $530,000 but you decided to list it at $570,000 you are now trying to compete against fairly priced properties that are worth close to $570,000. How can a $530,000 property compare itself against a $570,000 property? This is an unfair comparison and naturally your property will not be looked at because it has been shown to the wrong group of buyers – buyers expecting to buy a $570,000 property.
You need to attract the right buyers and have them inspect your property, otherwise you may miss out on a sale.
The major factors that will determine how your property should be priced are the property’s condition, the current real estate market and economy, recent transactions in the area and current properties available For Sale.
In a slow market, it is even more important to make sure that you have the right price from the start. The benefits are more rewarding and less costly.
You’ll have your property sold faster because it’s exposed to more qualified buyers. Your home won’t lose it’s ‘marketability’. You will achieve higher offers because it’s closer to the market value. You have a better chance of generating multiple offers because it’s well priced. The salespeople working on your property will be enthusiastic about presenting your home to buyers because it is priced right.
Don’t miss out on potential buyers due to overpricing your home. It is too easy to get emotionally involved in the sale of your home. Having a skilled and experienced agent to guide you through a thorough market analysis will help you look at your property realistically and get it priced right from the start!