The most important decision you will make is where to price your property. Pricing at fair market value will attract more buyers, and having more buyers typically results in a higher purchase price. Overpricing results in a longer market time and, more than likely, a lower price. Historically, your first offer is usually your best offer. So what determines the value of your property?
Let’s begin with what doesn’t determine its value:
× What you paid
× What you need
× What you want
× What your neighbor says
× What another agent says
× What it costs to rebuild today
The value of your property is determined by what a buyer is willing and able to pay in today’s market. Buyers make their pricing decision based on comparing your property to other properties available in your market. Another important reality in today’s market is that properties must appraise at the agreed-upon purchase price in order for a deal to be approved by the buyer’s lender. Appraisers determine value based on historical information – what has sold recently in your area that is similar to your property? You must use both past history and current competition to determine the best price for your property. Our job is to provide you with the market data and all the factors that affect your property’s value so that when we’re done you will have all the information you need to make an informed business decision. Our job is to help you understand the market, but it’s you who will determine the ultimate asking price.
The most accurate method to price your property! We leverage the same database that other agents, banks, appraisers and buyers use to correctly price a property. The right price for your property is not determined by any agent or seller. It’s determined by current market conditions.
WHAT WE REVIEW:
- Original List Price
- Current Price
- Selling Price
- Days On Market
- Beds, Baths, Sq Ft
- Lot Size
- Year Built
- Location
- Condition
- Amenities
According to the National Association of Realtors, when your property is priced right and in good condition it should average 1– 2 showings every other day and receive an offer after 10 showings.
Our best marketing time for your property is in the first 30 days! But when we’re off target, how far off can we end up?
• If we’re showing your property but have no offers, our price is 4 – 6% off.
• If we have few showings (1 – 2 each week) and no offers, our price is 6 – 12% off.
• If we have no showings and no offers at all, our price is more than 12% off