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Pricing Isn't Rocket Science...
Investment in a home is as much emotional as it is financial and most property owners want and or need the highest and best price, when the time comes to sell. Ironically the single most common reason sellers end up settling for less, then the highest and best price, is because they set the initial asking price too high!
In the real estate industry, it's a fairly well known and understood fact that a home attracts the most excitement and interest when it's first listed, for sale. And regardless of market conditions, a home has the greatest chance of selling within the first 30-days of listing; therefore effective pricing is crucial to attaining the highest and best price.
Effective pricing will attract a greater percentage of prospective buyers as fewer buyers can qualify to purchase at higher prices. In fact an overpriced property actually helps to sell similar properties that have a lower asking price as buyers are more value conscious.
A home priced below market value will typically attract the greatest percentage of prospective buyers, as most buyers are seeking the best product for the lowest investment, motivated by desire or necessity.
Considerations for Effective Pricing...
SQUARE FOOTAGE - Usually a starting point ... more
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