The final selling price of a property should be differentiated from its listing price.The later is the result of a pricing strategy to obtain the best price from a motivated and qualified buyer.
This is a very emotional and passionate subject which requires a thoughtful discussion with the home seller and qualified realtor, about the motivation and goals in selling a home. Determining the listing price of a property requires a thorough comparable market analysis of the most recently sold homes in the neighborhood. With the market condition fluctuating constantly, specific parameters interacting together should be carefully analyzed, including:
- The number of days a property takes to sell on average.
- The listing and selling price per square foot.
- The inventory level and quality of homes for sale to learn about
the competition and market trend toward a buyer or a seller's
- The price to sell ratio that highlights the average difference
between an accepted offer and the actual listing price at the time of the offer.
Should you price high, right or low with the hope to generate a “Bidding War”?
An interesting study revealed in the Wall Street journal concluded that overpriced listings benefit of an ” anchorage effect” which lead to a higher selling price comparing to underpriced listings.Read the full article
This effect will not equally impact each property as one could well end up sitting on the market without any visits of prospecting buyers. You definitely want to avoid this situation that alerts you of a wrong pricing…
By analyzing the market data, property features, desirability level in the neighborhood, you will have the best chances to target the right strategy for a right pricing!
I will gladly help you determine which Strategy will get you the Best Selling Price in a time frame that fits your own requirements.
Call me for a free consultation Direct (760) 274-3524 or send me an email http://www.Ingrid@FrenchNoteRealty