Title

How Critical Is The Right Price In Selling Your Home?

Pricing Correctly Is Absolutely The Most Important Factor When Listing Your Home

I recently listed 7 Tanager Crescent in Wasaga Beach and it sold in 7 days at the full asking price ( a 2 week closing pleased the Sellers and made the lawyers earn their money.) There were 2 offers on the table which in a down market, in December was pretty incredible. The Sellers had agreed to list at a price that hit the sweet spot and immediately resulted in showings.

All the normal marketing steps were then put in place; MLS®, blanket internet coverage with own page website address, Century 21 agent tour, local paper advert et cetera plus an open house the first weekend where the eventual buyers first viewed the home.

BUT it was the price that initiated all the interest. Fantastic marketing is of no use unless the listing is priced correctly.

A Comparative Market Analysis is followed by a discussion with the Sellers to review their goals.

I often hear Sellers say ” well we can always reduce the price.”

Here are reasons this can be detrimental:

1. The maximum interest will come when a home is first listed. REALTORS® will immediately contact interested buyers. Why should they wait? If the home is not priced competitively the buyers will not be told of this new listing. A Seller is then in the position of waiting for new buyers to enter the market and has missed out on those already looking.
2. If your home is overpriced then agents showing your home will use your property to sell one of the other properties currently listed and in competition with your home.

Yes you can reduce the price of your home but a Seller is then chasing the market as new listings come on to the MLS® and has missed the best opportunity for maximum exposure.

Something to consider when planning to list your home.

This entry was posted on Saturday, January 1st, 2011 at 1:42 pm and is filed under The World Of Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

1. Wasaga Beach 2010 Real Estate Sales Figures; Yearly Update | Wasaga Beach Real Estate-Wasaga Beach Homes For Sale-Wasaga Beach News said at January 15th, 2011 at 7:30 pm

   [...] was up marginally and with fewer homes sold this meant the sales to listing ratio was down. The IMPORTANT fact is that still only a little more than one third of listings are selling; overpricing is still a [...]

Leave a Reply