The Market

The best chance for selling your property is within the first seven weeks. Studies show that the longer a property stays on the market, the less the seller will net.

It is very important to price your property at a competitive market value at the signing of the listing agreement. The market is so competitive that even overpricing by a few thousand dollars could mean your house will not sell. Interestingly, your first offer is usually your best offer. You want to obtain the highest amount of money in the shortest length of time!

How Soon Do You Want To Sell Your Home?

As the triangle graph illustrates, more buyers purchase their properties at market value than above market value. If you price your property at market value, you are exposing it to a much greater percentage of prospective buyers and you are increasing your opportunity for a sale.

Activity Vs. Timing

Timing is extremely important in the real estate market. A property attracts the most attention, excitement and interest 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. This graph illustrates the importance of placing your property on the market at a realistic price and terms from the very beginning. Don’t set the price of your home too high; thinking you can reduce it later. As indicated by the chart above, interest peaks when your home is new on the market.

Dangers of Overpricing

  • Your price should be based on SOLD properties rather than current listings.
  • Your home should be priced to compete—not sell the competition.
  • Overpriced properties usually end up selling below market value.
  • Potential buyers won’t even look—thinking it is out of their range.
  • Buyers concentrate on objections—minimize good points. 
  • Buyers become suspicious—something wrong with home or neighborhood.
  • Sellers lose valuable time.
  • Sellers lose opportunities to buy another home.
  • Presents appraisal problems.
  • Lowers response from agents.
  • Limits qualified buyers.
  • Reduces showings.
  • The weakest agent will give you the highest price and lowest commission.