The most important thing to remember when pricing your home . . the market determines its value.
Inevitably, the question always arises from sellers " Can we try to market for awhile at ____ and then if we have no activity we will reduce to what you have suggested?"
Real estate agents typically don't have a problem with this, but it is not something that we recommend or even encourage . . for a couple of reasons.
1. Buyers are super educated. Everything they want to know about a property they can find out online before even talking to an agent. If they deem the house to be overpriced, most will not give the home an opportunity. Even once the price has been reduced on the home, they typically do not come back.
2. If you are having showings, the home can become "show worn." Translation - lots of showings, no activity, usually little feedback.
3. The home can be used by other agents for leverage. They may show your property only in comparison with other realistically priced homes.
4. The longer the home is on the market, the less probability the sellers will get as much as they should.
Being familiar with the market is crucial in pricing your home. One must listen to what the market dictates, even if it is what we don't want to hear! However, pricing your home in tune with the market will result in a sold property!
~ Emily ~
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