Achieving the optimal price is the result of both researching comparable properties and experienced instinct determining how much a buyer will be willing to pay for the home. Determining right price will attract shoppers, which in turn will generate more and better offers.
Price is the major issue that most homebuyers use to determine which homes they want to view. Remember: although you and your Realtor set the asking price, the selling price is determined by the buyer.
Ideal pricing will:
· Result in a quicker sale.
· Expose the property to more buyers.
· Increase Realtor response.
· Prevent your listing from getting "stale" or “marinating on the market”.
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. Typically, 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 may fail to see your home if it is priced too high. Often, overpriced listings help you to sell your neighbor’s reasonably priced home, as it appears that their home is ideally.
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 their marketing plan.