Price is important. Every consumer (and we all consume) makes decisions based on price and how well the product suits their particular needs.
For example, someone who previously filled up their gas tank with premium may make a change to regular these days based on price alone.
It's exactly the same with homes. Let's say there are 103 active listings that have 3 bedrooms, and 2 bathrooms (this is a true statement for my market, based on active listings in one market segment.) The prices range from a low of $169,900 to a high of $985,000. Obviously, not all of these homes have the same amount of square footage, or are the same age.
As a Realtor, I would not show all 103 homes to one single buyer, because they won't ALL fit the needs of my buyer. So, I narrow down the list to focus on the homes that fit my buyer's needs. This includes price range.
My buyer needs 1800 to 2200 square feet. This narrows the list of homes to 19. They want a home built 1990 or newer. The list drops to 12 suitable homes. They are approved to purchase up to $250,000. This drops the list to 3.
Yes, 3 suitable homes out of an initial list of 103.
Every buyer we deal with has a price range. At some point, every search will have the price range affect the listings that match the buyer's needs. Depending on the agent, the price may be the FIRST filter applied. In the example given above, that would have brought the total homes down to 30.
- Question: What if your home wasn't one of them, but met all the other criteria my buyers required?
- Answer: Your home would not have made the short list, and ultimately, would not have been in consideration for these buyers.
There are so few opportunities to make a good first impression - if we never see the house, the seller never gets that opportunity. It's important to price your home in the range of similar homes that have sold recently in your area.
Carol Zingone is a Broker Associate with a 100% Customer Satisfaction Rating in Jacksonville Beach, FL with Vanguard GMAC. She helps buyers and sellers throughout the Beaches, Intracoastal West and Greater Jacksonville, FL areas. She can be reached at 904/993-9048 or via email at carolzingone@clearwire.net
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