Accurate Pricing Strategy
Principles
Successfully Sold Property
It is highly unlikely that a buyer will pay more for your property than they would pay for a comparable property with similar amenities and features. How do we know what a buyer may be willing to pay for your home? We use the actual sold prices of homes in your neighborhood. The prices of other active listings and listings which did not sell should not be used as your pricing gauge.
Location of Your Home
There is an old real estate adage that the three most important features of a home are "Location, Location, Location!" Buyers are willing to pay vastly different prices for very similar homes when they are located in different neighborhoods.
The Condition of Your Home
Your home will be competing with other properties for sale. Those that are in top condition receive top dollar. Just as you would wash and wax a car prior to putting it up for sale, your home should be in "showroom" condition when it is put on the market.
Interest Rates and the Economy
What influences the market? A big influence is the number of homes available aws compared to the number of active buyers. A high demand for houses will increase the overall value of each home; a low demand for houses - or an oversupply - will lower the values. Another important factor is the interest rates and local economy. Real estate values decrease during times of recession, but increase when the economy is growing strong.
Benefits to Accurate Pricing
Faster Sale
More buyers and more Realtors will view and become excited about a home which is priced right.
More Money to You
If a home is priced right, the excitement of the market often produces a higher sales price. Buyers are less likely to make low offers out of fear of losing a good home at a fair price. In fact, there may be several simultaneous offers when the price is right. With more offers, you will be able to choose the best offer with the strongest buyer instead of compromising.
More Convenient
Less time on the market means fewer showings and fewer adjustments to your lifestyle.
Increased Agent Excitement
When a home is first put on the market, it generates excitement among local Realtors. If sales agents are excited about a home's price and condition, they make special efforts to show it to all their potential buyers.
Exposure to the "Right" Buyers
When a home is priced in the wrong price range, buyers refuse to make offers. All buyers view numerous homes prior to making a purchase. If your home is competitive in style, features, condition, and location with other homes in a certain price range, the right buyers see it and they will make an offer.