Tim and Sue appear to have priced their home competitively for the market. Over the next month, the market changes.
Comparable Home A: Expired
Tim and Sue’s Home: $985,000
Comparable Home B: $979,000 (Reduced Price)
Comparable Home C: $975,000 (Reduced Price)
Comparable Home D: Sold
Comparable Home E: Pending
Comparable Home F: $966,000 (New Listing)
Comparable Home G: $965,000 (New Listing)
Comparable Home H: $959,000 (New Listing)
Tim and Sue now have the highest priced home in the area in their price range. When a buyer looks at the comparable home prices, it is now the worst value proposition in the marketplace. Most sellers, like Tim and Sue, do not realize the market can shift so far so quickly. It cannot be stressed enough how important it is for you to price your home right the first time. House D sold, and House E had a pending sale from the start.
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