Most of the activity on your
home will occur in the first few weeks. Pricing a home properly
creates immediate urgency in the minds of buyers and agents.
There is a pool of buyers who have seen most available homes
in their price range and are now only waiting for new listings
or price reductions. A buyer that has been waiting, may fail
to see your home if it is priced too high. Sometimes, a price
reduction may be too late, as interest by both buyers and Realtors,
may have waned.
Buyers and their agents are
very aware of the length of time on the market, the most common
question continues to be: "How long has it been on the market?"
Often buyers are reluctant to make an offer on a home that has
been on the market for "awhile" thinking that there is something
wrong with the home. Unfortunately, overpriced listings frequently
help you to sell your neighbor's reasonably priced home, making
it appear that their home is priced very well.
The Role of a Real estate
Agent in Pricing
Provide you with a comparative
market analysis, which is a comparison of recent homes with
similar amenities that are available, in escrow and sold. There
is no "exact price"; your home is worth what a buyer is willing
to pay. The market determines value; together you and your agent
determine asking price.
Realtors have no control over
the market, only the marketing plan. The seller determines the
asking price. Never select an agent based on price.