Price It Right
Never overprice your property by more than the small margin needed for negotiating a fair price. If it is priced too high, it will minimize your number of showings and prevent offers from being presented.
The Kelli Sells Team will help you get the most money for your property while keeping it competitively priced so it will sell!
Determining A Fair Price
Price should be based on recent comparable sales, taking into consideration adjustments for condition, location and amenities.
Extensive research is needed to determine fair market value by comparing your property to recent sales. Your property must appraise for the sale price before a buyer can get a new mortgage to complete the sale.
Buyers are looking for the best value available to them. They will shop in many complexes before making their final purchase choice.
It is important that you have your property positioned well in relation to other properties on the market, not only in your area, but in comparable areas as well.
Getting Your Property Shown
If your property is one of a dozen or so in its price range, how can we be sure it’s going to be on the agents’ short list of properties they’re going to show?
- Its value and its market position.
- How much the co-op fee is.
So, How Do We Price Your Property?
- An agent has no control over the market, only the marketing plan.
- Never select an agent based on price. Remember, the market determines the price, not the agent.
- Pricing in rising and falling markets:
- Overpricing in a rising market may be OK
- Overpricing in a falling market is disastrous
- Market trend is as important as pricing. Make sure your agent understands market trends.
- Reasons for overpricing:
- Need – the need for money does not increase value
- Buying in a Higher Priced Area
- Original Purchase Price too High
- Lack of Comparables
- More Negotiating Room
- Move isn’t Necessary
- None of these reasons matter to a buyer or an appraiser. The market determines the value.
- The largest impression and most impact a property has is in the first few weeks of the listing. It should show the best and be priced the best during those weeks.
- Benefits to Proper Pricing:
- Faster sale will save carrying costs
- Less Inconvenience
- Exposure to More Prospects
- Increased Agent Response
- Better Response from Advertising
- Attracts Higher Offers
- Means More Money to Sellers
These pricing strategies were prepared because there may be a roadblock between you and your goals; my job is to identify these potential pitfalls and eliminate them for you.