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Home pricing is directly related to buyer activity. The greatest level of buyer interest and from the real estate community (including realtors who represent home buyers) occurs when a home is new to the market. It is during this period that your home has the best chance of receiving an offer from a potential home buyer. It makes sense --- the greatest buyer excitement is during the initial phase of home marketing.
Once a home has been on the market for a period of time, home buyers may think the home is overpriced. As a home seller, you might see offers that are below asking price --- if you receive an offer at all. Many buyers decide to wait until the listing price is reduced, so that they know that the seller is serious about selling and that the seller understands the market value of the property. If the price is too high, the buyer may feel that the seller may not be aware of the home's current market value; and, therefore, the seller might not be willing to negotiate with a buyer to reach a successful sale at the correct market value.
To best evaluate your price, remember to:
- Examine comparable sold properties in your area
- Be reasonable about your home's plusses and minuses
- Price it in relation to the real estate marketplace and economic environment
Remember, correct pricing sells a home faster than any other factor. Price your home right at the beginning, to maximize the period when the greatest level of buyer activity occurs.
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