Home > Blogs > Susan Trombley > Susan Trombley, Raleigh Realtor

Setting List Prices

By Susan Trombley

Real Estate Broker/Owner with Trombley Real Estate

March 25, 2008 07:05 AM

I was reading an article of what to look for when setting the List Price in a buyers market.

The suggested way really caught my eyes.

1) Go back 6 months and see what the market has been doing.

2) Note which way the market is moving, up or down on the closing price.

3) if in the UPward motion then what is the %. Plus if in the downward motion what %.

4) Now find out how many days on the market is your location selling at.

5) Make the adjustment for the home to be properly selling price for the next 3 months to be on the market.

Now your sellers home is priced for the market NOW!

Your job is not finished. You must stay on top of the market and if your market turns from up to the down or vise versa then you should adjust to List Price so you will property have marketed the sellers home for it's location.

Comments(10)

Comment

Show All Comments

Sort:

Cathy Glass

Realty Executives Associates - Knoxville, TN

Realtor - Knoxville, Tennessee

Hey, that's an additional way to look at it. I like it. I love any new information on pricing a house correctly.

Mar 25, 2008 07:10 AM

Susan Trombley

Trombley Real Estate - Wake Forest, NC

Broker/Realtor, Raleigh, Cary, Wake Forest, Youngs

Cathy - Yes, me to. I was not around with a buyers market before and I will look at what all are saying and see what works for my location and this one i like.

Mar 25, 2008 07:17 AM

Jeff Fullmer

FM Properties - Idaho Falls, ID

Real Estate Investor/Financier

Thats a great suggestion Susan! If you price it out for 3 months in advance then chances are you are coming in lower then comparable listed property and will hopefully sell prior to that 90 day mark.

Mar 25, 2008 11:16 AM

Cynthia Tilghman, Realtor® Onslow County NC Home Specialist

Kingsbridge Realty, Inc - Hubert, NC

Susan,
I agree that 90 days is about the limit in this market and that sounds like formula that will work.

Mar 25, 2008 12:18 PM

George Souto

George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT

Your Connecticut Mortgage Expert

Susan makes a lot of sense to me to look at the market trend in both the long and short time frame and follow it.

Mar 25, 2008 02:33 PM

Mike Jaquish

Realty Arts - Cary, NC

919-880-2769 Cary, NC, Real Estate

Susan,

Good stuff! Just another way to recognize market trends, and to portray them to .the Seller

Mar 26, 2008 12:44 AM

Virginia Lee

Atlanta Home Connections - Buford, GA

R.E.Broker, Buford,Braselton,Flowery Branch Georgia

Hi Susan,

Good formula! Breaking it down like that will help the sellers understand what is happening in their area and why their price is to high!

Mar 26, 2008 03:21 AM

Tracy Riba

HomeTowne Realty, Johnston County NC - Clayton, NC

Residential & Commercial NC Real Estate Broker

I am also pursueing the option of absortion rate pricing. Still learning the grand scheme of things but we have to stay on top of new ideas.

Mar 26, 2008 02:13 PM

Jeff - Yes that is the method to my madness. I want the homes priced to sell.

Cynthia - Thanks

George - Yes we need to keep an eye on the market for your sellers these days to help move their homes for them.

Mike - Yes, thank Mike.

Virginia - Yes, it is all about educating our sellers as to what is happening with the market.

Tracy - I to have read and looked at the absortion rate pricing and I need more time to work the information to totally understand it.

Mar 29, 2008 06:01 AM

J Manno

Summit Realty Group, Inc. - Newport Beach, CA

Thanks...we have to go back 30 days and look at the day to day trends right now.

Mar 30, 2008 10:31 AM

Comments(10)

Susan Trombley

Real Estate Resources