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Jun 13 2009

Determining The Listing Price

Posted in Property Finance, Property Matters

1 Comment

When it comes to buying a home, most  potential buyers will use the listing price as the number one factor to determine the homes that they look at. Even though you and a Realtor may determine the asking price, the buyer will determine the selling price. If the price is too high, most buyers won’t give it a second thought – which is why  you want to determine the marketing price carefully.

If you set the correct price, you’ll notice a much faster sale. Setting the right marketing price will also attract more potential buyers to your property as  well. You’ll also notice an increase in response from estate agents, and receive more calls about the property. The listing price is very important – and it can ultimately determine whether or not you sell your property.

A home can be overpriced due to several reasons. Overpricing is something you want to avoid, as buyers tend to steer clear of homes that have been overpriced. Normally, this happens when a seller asks a lot more than the home is worth or is valued at. Some sellers ask a lot more than the value of the home due to location. Although the location is very important, most potential buyers won’t give the home a second look if they think the price is too high – and more importantly out of their price range.

When you put your home up for sale, most activity will happen within the first couple of weeks. If you put the right price on your home, you’ll notice immediate interest. There are always buyers looking for homes in their price range, waiting for new homes to be listed or homes to be reduced in price. Buyers who are waiting to purchase may miss seeing your home completely if the price is too high.

To determine the listing price of your home, you should always have it valued before you put it on the market. This way, you’ll know the full value of your home. You can sell it for market value or go a little under, although you should never attempt to go way over the value. In doing so, you’ll miss out on a lot of potential buyers. The home market is very competitive these days, which is why you want your home to draw as much interest as possible.

Keep in mind that real estate agents really have no control at all over the real estate market, only the plan behind marketing. Realtors don’t determine the asking price – the seller does. You can ask a property professional for advice, although you are the decider of your listing price. If you do things right and take each thing step by step, you’ll set the listing price in the right range and have no problems selling your property.

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One Reply to “Determining The Listing Price”

  1. Great points, thanks for sharing. I think Gary Keller (Shift) said something along the line of….. It is easy to take a listing and have a home “on the market” the key is to price the property correctly and have it “in the market”. After price take a good look at the condition of your property. You only get one chance to make a 1st impression – your home needs to shine. With so many homes on the market for buyers to choose from you need to make your home standout any way that you can – put your best foot forward!

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