Price Your Home – Market Value
Why is it so important to price your home according to its market value?
A realistic competitive price means:
A realistic, competitive price means your home will sell faster and for the best possible price. People don’t bother looking at over-priced homes. If you overprice, you may lose the most qualified prospects as they will view the properties that are priced within their purchase power range. Overpricing helps sell your competition as prospective purchasers will soon realize that they can get better value elsewhere. A well-priced property can also generate competing offers.
Early activity is key. With a listing price close to market value, Realtors will be more willing to present your property to buyers (and be more enthusiastic when they do so). Realtors are working with buyers who have seen what is currently on the market and are waiting for something new to be listed. Therefore, the most activity will take place in the first 30 days of a listing. Your home will probably receive its highest and best offers during this time.
Maintain marketability! If your home is overpriced it can lose its “marketability.” Your home may become stale if it sits on the market for too long. Buyers will wonder if there is something is wrong with the property, even after you lower the price. You may even have to settle for less than market value.
The Role of your REALTOR. Your Realtor does not determine what your home is worth, the market determines the value based on analysis that your realtor will do for you comparing solds, competition, trends and economic conditions. Together we determine the price.
Don’t pick a realtor who promises you the highest price to get you to list with them. Pick on who knows the market and substantiates the price.