properly priced home strategies 101.
The skill of pricing properties to make them saleable is where you want your agent to excel. The market determines what a home price range should sell in, not me or any other agent. When prices go up because of the market, we can’t take credit. Similarly, we cannot be responsible when prices go down because of the market. That said, we read and interpret the terrain, stats and comparables with the proper experience to be a competent messenger.
The other area your agent needs to excel in is consulting you and marketing your home to fall in the upper end of the sales range. This is what I do.
The market is going to respond to the listed price in one of 5 ways. Let's review.
1. If we’re underpriced, we’re going to have lots of showings, and multiple offers.
2. If we’re priced just right, we will have a good many showing, and hopefully 1-2 strong offers… this may be the asking price or just below.
3. If we price the home a little too high, we may get a good amount of showings, but no offers and this would suggest we are around 5% too high on the price.
4. If we price the home a good bit too high, then we will probably get very few to no showings and no offers. This would suggest that we are at least 10% too high.
5. The caveat pricing to all of the options above is pricing the home in a strong sellers market at well below market value. In that market, every home sells for way above the asking price at sometimes astounding price outcomes.
Ultimately the right strategy works 100%
of the time.