Can We Start At A Higher Price?
Our real estate market has changed. It is proven every day with the way buyers and sellers interact.
Selling listings in this market is becoming more and more challenging. With the inventory of bank owned properties and short sales, you find that pricing is the most important key to selling the home. Most sellers remember the last time they sold a home and they would price the house high and then have multiple offers of buyers bringing the price up.
Now that stategy is not best, but sellers are still asking to price the home high so they will have negotiating room. The problem with pricing high is the home will not be shown and therefore seen by buyers. If they buyer doesn’t see it, they can’t buy it.
A better strategy for today’s market is to price the house at the market price. If a buyer sees this as a good value for the money, they will make an offer. It might be a low offer for the first couple of times, but eventually the offers will come in at a price that is market value and therefore the best price the seller will receive on the property.
Sellers feel they are leaving money on the table when they price the house lower than they wanted, but really they are opening up the possibility for multiple offers and therefore a higher offer on the property. Realtors recognize this phenomenon and sellers should realize they should listen to the professionals and get the best possible price on their home.
