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Price really does matter. From the very beginning make sure you get all you facts correct in regard to recent closed sales. Have a complete market evaluation done for your home. Carefully review all the homes that are under contract because when they close they will become your most recent comparable sales. Keep a close watch on the active properties, they are your competition. Watch the supply amount of similar homes. Supply and demand are very important factors that play significant role in the market.
Even when a home is priced correctly it will take much longer for it to sell if there is an over supply of that type of property.
One big mistake sellers tend to make is overpricing their home.
It is frequent that a seller thinks emotionally and thinks his or her home will bear more value those other homes on the market. It is hard for a seller to do but they must not think with emotions.
Home owners must try to understand that although the home they are selling holds many beautiful memories and they have labored for many years to get it into the condition it is in. It is still a product. A product will only bear the value of the current market.
When a home is overpriced it may not be shown at all. Even if there are a few showings and buyers like it, some people wont make an offer at all because they don't want to upset the owner. They feel uncomfortable making such low offers.
Or your home may be shown along with other homes that are priced correctly. Then your home is used as a comparison to other homes. Your home in essence can be used to sell other homes. Your home will make other homes look like a much better value. The buyer will weigh out the differences and go for the one that is priced less.
Most homes receive the most activity when they are first listed. As the days on the market add up. Buyers tend to think there must be something wrong with the home or the seller is not motivated to sell. It is always best to price you home correctly from the beginning as opposed to doing price reductions along the way.
My quickest sales have occurred when homes were priced right. There is another very interesting strategy I have used that almost always works to benefit the seller. When ever a seller has priced a home slightly under market value the end result has been lots of showings and multiple offers. The buyers drive up the price themselves bidding against each other and the house either sells at market value and sometimes even higher. The seller gets his house sold much faster than homes that overprice or add negotiating room to the asking price. It saves so much unnecessary market time. The seller not only gets what they want monetarily, they get less stress and a quicker sale. I hope you find this information regarding pricing helpful.
Sincerely,
Arlene Trunzo, Licensed Real Estate Broker
A.T. Real Estate Specialists
Staten Island, NY Realtor
cmyrealtor@aol.com
718-317-0949 (Office)
917-359-1985 (Cell)
atrealestatespecialists.com
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