SETTING THE RI G THE RIGHT PRICE FROM DAY ONE
Pricing your home strategically and correctly from the beginning is crucial even in a seller's market. While it may be tempting to aim for a high asking price when demand is high, overpricing can actually deter potential buyers and result in a longer time on the market. In a buyer's market, buyers are often more perceptive and may be less inclined to entertain overpriced listings. By pricing your home accurately from the beginning, you can attract more qualified buyers and generate greater interest, potentially leading to multiple offers and a higher sale price. Additionally, pricing your home competitively in a seller's market can create a sense of urgency among buyers, motivating them to act quickly to secure the property. A Virginia real estate agency reported that in August 2013, homes that sold within their first week on the market sold for an average of 2.08% over the listed price. Homes that took months to sell ended up selling for an average of 11.53% below the original list price. Ultimately, pricing your home strategically is about finding the right balance between maximizing your sale price and attracting qualified buyers. Consulting with a knowledgeable listing agent who understands the local market dynamics can help you determine the optimal listing price for your home, ensuring a successful sale in any market conditions. Your asking price sends a message to potential buyers. If it’s priced too low, you may leave money on the table or discourage buyers who may see a lower-than-expected price tag and wonder if that means something is wrong with the home.
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