The Truth about Home Pricing
“Ironically, instead of getting more money… [Over -pricing] usually stigmatizes a property and reduces the eventual sale price to less than it would have been with more realistic pricing.” House Selling for Dummies Fair market value is that price a qualified, reasonably knowledgeable buyer is willing to pay , which a seller, not under duress, is willing to accept after the home has been properly exposed to the market. Neither agents nor sellers determine market value : Only the market itself – willing and able buyers – establishes value. A comprehensive comparative market analysis is the best way to estimate current fair market value prior to listing the home for sale. Agent and seller then work together to create a plan – pricing, preparation and marketing – to maximize the conditions that reliably achieve the highest possible sales price. The vast majority of buyers will not make offers on homes they consider significantly overpriced . Either they don’t want to waste their time, or are uncomfortable with possibly “offending” the seller. In any case, they simply move on to other listings. Well-priced homes create a sense of urgency in the buyer/broker communities to act quickly with strong, clean offers, and often lead to competitive bidding between buyers – which is the most likely way to increase sales price.
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