Pricing is always top of the list for importance. But, do you understand the real WHY it is so important?
Here is the breakdown on pricing and why it is so important.
When buyers are working with good (great) Realtors, their Realtor is price shopping for them. The Realtor (me) is checking all of their favorite houses for the local market pricing. I am comparing the current homes, checking if it is priced accurately for other comparable homes.
When I notice a home they are interested in seems overpriced, I am obligated to tell them and offer solutions if this is the home they want.
There are Realtors who don't care, and won't do this for their clients. However, there are a lot of great Realtors who will not bypass this step.
If you are in the market to sell your home, price is the most important factor, along with condition.
When we sit down and discuss the market value, I will counsel you to sell based on market price.
There are reasons.
1. Appraisers work for the bank. Appraisers pull their market information from the same source as Realtors. If you manage to sell your home for more than it's value (rare), you still have to contend with the bank possibly not approving the loan if it is above value.
2. If an appraiser comes back with a lower value than selling price, you risk the buyer walking away from the deal. It is never worth walking away unless there are huge extenuating circumstances.
3. If you overvalue your home on the list price, you knock out many potential buyers when their Realtor does a price comparison on the home. You want as many able, ready buyers to be interested as possible to assure you the greatest chance of selling your home at the best price, and as quickly as possible.
4. The first two weeks a home is listed, it statistically has the highest showings. Many buyers who are sitting back waiting for the right home to come on the market, may not choose to view your home if it is overpriced. Many sellers think they should 'feel' out the market before pricing a home lower. Statistics say this is wrong thinking.
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