Establishing an Asking Price
Robin has a keen understanding of market conditions and will provide a Home Value Analysis of your home to help determine a competitive price range that encourages agents to choose your property to show, serious buyers to make serious offers, and lending institutions to appraise it at the price in order to comply with financing contingencies.
- Serious buyers look in the price range, which has been predetermined by their down payment and monthly payment ability. Unless your property is priced correctly, the down payment and monthly payment requirements will not be competitive.
- A buyer who is seriously looking soon becomes very knowledgeable in his range. An unreasonable asking price only discourages him from looking and considering your property.
- Buyers purchase by comparison, and a property priced above the competition does not “compare” favorably. Inviting a buyer to make an offer could indicate that a fair price has not been established.
- It is very difficult to obtain a reasonable offer on an overpriced property. The buyer feels he should be just as unreasonable in his offer as the seller is in his asking price.
- By contrast, offers are much easier to obtain on a reasonably priced property. You can then choose which offer to accept with no obligation to one that does not meet your requirements.
- It is a mistaken idea to think that you will get more for a property by asking more. You usually get less, because fewer buyers will consider it; the right buyers will not see it; and it usually stays on the market so long that it tends to become “shop worn”.
- To obtain proper market exposure, it is an absolute necessity to be competitive in price, terms and condition, with similar properties that are selling in your area.
- If you plan to adjust your price at the time of a sale, why not adjust the price now and attract serious buyers?