Understanding the "right price"

Proper pricing is extremely important in this market.

Local and relocation buyers are very knowledgeable, keeping appraised of the activity.

Within the past year our office has been honest in assessing the market and sharing information about the inventory (current listings) – deposits and sales with our potential listing clients with all the available facts.  We recommend that the properties are priced realistically.

Overpriced listings loose its newness and become ‘shopworn’,

• Agents do not pay attention to the listing if it has been on the market for a long period of time.
• Buyers feel there must be ‘something wrong’ with the house and will not view.

Without an offer and limited activity, the seller drops the price.  Then is the seller

• Chasing the market downward?
• Desperate to sell?

There are 5 major issues we inform our sellers regarding pricing”

• Are we (agent) comfortable in the recommended price
• Are the Sellers comfortable with the market  price
• Buyers comfortable with the asking price
• Buyer’s agent’s comfortable with the asking price
• The ultimate final decision – will the bank appraisal come in at the sale price?

We have done numerous comparative market analyses on homes during 2009, and not been given the opportunity to list the property, because our price was not where the seller wished to be.  We have followed a number of these homes and realized they did finally sell with our recommended price.

Price it right and it will sell.  ‘Not too high and not too low…but just right”