Why Proper Pricing is Important | RE/MAX Real Estate Executives

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Pricing Your Property To Move

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Why Proper Pricing is Important

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Not only will you miss prospective buyers by overpricing your home, but you will affect how long your home will remain on the market and what the eventual selling price will be.

Activity versus Timing
Timing is extremely important in the real estate market. A property attracts the most interest and excitement from the real estate community and potential buyers when it is first listed. Therefore, it has the highest chance of a sale when it is new on the market. Setting a realistic price from the beginning will help take advantage of this initial period, and increase the chance of a timely sale.

An experienced agent who knows the market and the marketing process can help you determine the market value of your home. Thereby giving you the best chance of quickly and smoothly selling your home.

Price it right, right from the start.

Timing versus Selling Price
When a home is overpriced at the start, it misses what can be the most critical time period in selling a home - first weeks after it is listed. Once this period is passed and little traffic is generated at the initial price level, it becomes necessary to seek a lower listing price. Depending on the market conditions, this cycle may repeat several times before a sale is made. Resulting in an eventual sale price that is well below the initial listing price, and possibly lower than the market value of your home.

<< Average difference between Listing & Selling Price by the length of time on market

Determining Your Home's Market Value
A comprehensive market analysis is essential to determine the value of residential property. Location and characteristics of the property are the key elements in determining value, therefore the basis for valuation is similar in your area. The market analysis takes into account the amount received from recent sales of comparable properties and the quantity and quality of comparable properties currently on the market. The desired end result, of course, is to find a price that will attract a willing and able buyer in a reasonable time.

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Once the value of your home has been determined, you can decide on an offering price that will achieve your goals. Generally, the price should not exceed the value by more than 5% or potential buyers may not even make offers.

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Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 07/31/2010. The listing information on this page last changed on 07/31/2010. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of Southern Kentucky MLS (last updated Sat 07/31/2010 7:00:45 AM EST). Real estate listings held by brokerage firms other than RE/MAX Real Estate Executives may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved. --
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