Pricing your home correctly

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Pricing your home correctly

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The market determines the sale price

The first and most important thing to remember when setting the list price of your home is that the market ultimately determines what it will sell for. And the market is not up to us. We have to work with the market we have and strategize accordingly.

A tale of two markets

There are actually two markets at any given time. The market with houses that are priced correctly—and will sell, and a ghost market with houses that are overpriced and will never sell without price reductions. If you’re serious about selling your house, the only market you can be in is the priced-correct one.

How overpricing backfires

Overpricing your house for the market may end up with you getting less for it. Here’s how: The overpriced listing hits the market. There’s a flurry of showings in the first couple of weeks and it gets quickly sidelined as ‘overpriced’. To get more interest again, we have to do a price reduction, then another and another to get it down to fair-market pricing. After it’s been on the market for several weeks/months buyers wonder if there is ‘something wrong with it’. Now, we’re corrected to market price but have a ‘stale’ listing and buyers make lower offers thinking that we’re desparate to sell.

Most correctly-priced houses can sell in under a month

…depending on the market, the area, and pricepoint. Our goal is to sell your house in 2-4 weeks, market conditions depending.

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