The benefit of pricing right:
- Your property sells faster because it is exposed to more qualified buyers
- Your home does not lose it’s marketability
- The closer to market value, the higher the offers.
- A well-priced property can generate competing offers
- Real Estate professionals will be enthusiastic about presenting your property to buyers
The results of over pricing
Price high; Lower Later
Many sellers believe that if they price their home high initially they can lower it later. Often when a home is priced too high, it experiences little activity. When the price does come down, the property has been on the market a while and some buyers will be wary and not consider it an option. On occasion, the price is dropped below the market value because the seller runs out of time. As a result, the property sells for less than it is worth.
Missing the Right Buyer
Many believe that interested buyers can always make an offer, but if the home is overpriced, potential buyers looking in a lower price range will never see it. Those who can afford your home at the asking price will soon realize that they can get a better value elsewhere.
Importance of Early Activity
As soon as a home comes on the market, there is a flurry of activity surrounding it. This is a crucial time when real Estate Professionals and potential buyers sit up and take notice. If the home is overpriced, it does not take long for interested parties to lose interest. By the time the price drops, a majority of buyers are lost.
Once you have achieved a realistic sales price, with marketing and promotion, the maximum number of buyers will arrive at your door. You can also expect to sell your home for the best possible price in the least amount of time.