The Results Of Over Pricing Many sellers believe that if they price their home high initially, they can always lower it later. Often, however, when a home is priced high, it experiences little activity. Gradually the price comes down to market value because the seller runs out of time and the property sells for less than its worth.
Missing The Right Buyer You may think that interested buyers "can always make an offer," but if the home is overpriced, potential buyers looking in a lower price range will never see it. Those who can afford a home at your asking price will soon recognize that they can get a better value elsewhere.
The Importance Of Early Activity As soon as a home comes on the market there is a flurry of activity surrounding it. This is the crucial time when Sales Representatives and potential buyers sit up and take notice. If the home is overpriced, it doesn't take long for interested parties to lose interest. By the time the price drops, a majority of buyers are lost.
Pricing Pricing your property for an effective and efficient sale is the key starting point. When you decide to sell your property, you want to sell it for as much money as the market will allow. Pricing too high will keep your home from selling. A low price will keep you from receiving full value. Sufficient time and full exposure to the open market are equally important.
There are three main points to consider when pricing your property:
Know The Market - the market ultimately determines the true value of your property
Condition Of Home - buyers base their decision on the condition of the home as well as price
Select A Sales Representative - The right sales respresentative brings the market to you. The market brings your price. The right sales representative is the one who knows the market, and can get you the best price possible, not the one who promises you the highest price just to get you to list with them. Your Royal LePage Triland Sales Representative has access to the most recent information on market conditions, from an area-wide scope, right down to your street. Together you will determine the right list price for your property.
All information is deemed reliable but is not guaranteed accurate by LSTAR. (ie. The data relating to real estate on this web site comes in part from the Internet Data Exchange (IDX) program of the London and St. Thomas Association of REALTORS®. The information herein is believed to be accurate and timely, but no warranty as such is expressed or implied.)
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