Well, it may have been priceless to you and your family for years. Yet, in the real estate market, it has a certain price. The price of any house or condo is determined by the price buyers are willing to pay under normal circumstances.
This is why pricing a house or condo right is of utmost importance when selling. Many may say “Really? In today’s market of multiple offers that result in Sold over asking prices, what does it matter?”.
Even when sellers agree with the offer date process. With a lower-than-expected advertised price. Also known as marketing price, it matters. For example, if the marketing price is too low then it may create the sense to buyers that the sellers of this property are open to lower offers. If the marketing price is too high, the buyers may think that the sellers have higher expectations than normal. Which will put off buyers that would otherwise offer what the sellers are looking for.
When the offer date strategy is not selected and the advertised asking price is the price the sellers want the importance is even greater. Many sellers will say “Let’s just try it at the price we want and if it does not work, we can reduce it later”. This is a risky move since statistically the time most residences attract the highest volume of interest is during the first 7 days on the market. While they are fresh and new.
A high price may defer the ones that would buy it and lead them to look at other options. By the time the sellers decide to adjust the price often they have lost buyers. Please remember that even the most impressive presentation and promotion of a home will not be successful if the advertised asking price is too high.
Keep in mind we live in an era where most buyers are educated, have done their research and are guided by professional Realtors. This is why pricing a home right is incremental for a successful sale.
#Remember to Say NAI/Yes to Life. Every Single Day.