Lets Talk Pricing
1. Fair market value attracts buyers, overpricing never does.
2. The first two weeks of marketing are crucial.
3. The market never lies, but it can change its mind.
Fair market value is that price which a seller and willing and able buyer can agree. Values can be impacted by a wide range of reasons but the two largest are location and condition. Generally, fair market value can be determined by comparables- other similar homes that have recently sold in the immediate area.
Sellers often view their homes as special which tempts them to put a higher price on the home, believing they can always come down later, but that's a serious mistake.
Overpricing prevents the very buyers who are eligible to buy the home from ever seeing it. Most buyers shop by price range, and look for the best value in that range. Your best chance of selling your home is in the first two weeks of marketing. Your home is fresh and exciting to buyers and their agents and will receive the most interest during this time.The greater the interest and exposure your home gets the more likely you are to get offers at or above your list price.
If you don't get many showings or offers, you may have overpriced your home, and it's not comparing well to the competition. Since you can't change location, you'll have to improve the home's condition or lower the price.
The market can always change its mind and give your home another chance, but by then you've lost precious time and perhaps allowed a stigma to cloud your home's value. The longer a home is on the market the more likely you are to get an offer below list price.
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