Pricing your property competitively will generate the most activity from agents and buyers. Setting the right price at the beginning is the single most important aspect to selling your home.
Pricing your property too high may make it necessary to drop the price below market value to compete with new, well-priced listings. Consider this statement:
Pricing is not a determination of value, but rather a marketing strategy to drive the most buyers to your home and sell at the highest price possible.
The diagram below illustrates the relationship between asking price and the potential buyers who will look at the property and ultimately submit offers.
Price Competitively, the First 30 Days are Critical
The right price is important.
- A property generates the most interest when it first hits the market.
- The number of showings is greatest during this time if it is priced at a realistic market value.
- Starting too high and dropping the price later misses the excitement and fails to generate strong activity.
- Many homes that start high end up selling below market value.
Steps in the Home Selling Process
Step 4: Price Your Home