• The “leave room for negotiation” approach. In this approach, the market value is “stretched,” say to $305,000. The price will not entice a buyer, but may make comparable homes more desirable.The home will most likely not sell quickly or at that price. • The “price it according to “worth” approach. This approach sees the price set right between the market value benchmarks, at $295,000. Likely, home shoppers will lump the home with like-priced homes, knowing they can buy anytime for $295,000. • The “underpricing generates interest” approach. Underpricing at $280,000 will motivate buyers and perhaps create a bidding war. But the goal of selling the home for more money is derailed. THE COMPARATIVE MARKET ANALYSIS When it comes to finding a buyer, pricing your home based off of comparable real-priced sales is crucial to making the sale. The Comparative Market Analysis is imperative to pricing strategically. When you ask for one from a real estate professional, be sure to review the analysis, ask questions, and get explanations. If completed correctly, this comparison report not only gives you a great listing price but also reduces the chance of your home being under-appraised. If you have a well-priced home, you should be showing within the first few days on the market. Offers should come within weeks. PERCEIVED VALUE If the perceived value of your home by a potential buyer is greater than the actual price, the more willing he is to buy.The urgency to buy disappears the closer the price and perceived value are. This means marketing the home to match the buyer’s specific needs and desires. A real estate agent can help you know the buyer’s hot buttons, such that marketing and presentation can be tailored accordingly. SELLING BY SHOWING OFF Before the Internet, cell phones, and social media, buyers looking at homes perused the local Multiple Listing Service (MLS) book filled with tiny, grainy images of homes. Photos of featured homes (paid-for ads) were larger and sometimes in color, but most were black-and-
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