Competitive Pricing in the Market

The best chance for selling your property is within the first seven weeks.  Studies show that the longer a property stays on the market, the less money the seller will receive.

It is very important to price your property at a competitive market value at the signing of the listing agreement.  The market is so competitive that even overpricing by a few thousand dollars could mean your apartment will not sell.  Interestingly, your first offer is usually your best offer.  You want to obtain the highest amount of money in the shortest length of time.

Timing is extremely important in the real estate market.  A property attracts the most attention, excitement and interest from the real estate community and potential buyers when it is first listed.  Therefore, it has the highest chance of a sale when it is new on the market.

Don’t set the price of your home too high, thinking you can reduce it later.  As indicated by the cart above, interest peaks when your home is new on the market.

Dangers of Overpricing:

• Price should be based on a combination of sold properties and current listings.
• Your home should be priced to compete; not sell the competition.
• Overpriced properties usually end up selling below market value.
• Potential buyers won’t even look; thinking it is out of their range.
• Buyers concentrate on objections; minimize good points.
• Buyers become suspicious; something wrong with home or building.
• Properties left on market for extended time become “shopworn”.
• Lengthens marketing time.
• Sellers lose valuable time.
• Advertising dollars and marketing efforts are wasted.
• Negotiations between buyer and seller usually are wasted.
• Negotiations between buyer and seller usually break down.
• Sellers loose opportunities to buy another home.
• Presents appraisal problems.
• Lowers response from agents.
• Limits qualified buyers.
• Reduces showings.

The weakest agent will give you the highest price and the lowest commission.