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3. Right Price Analysis
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Market Evaluation
The best price obtained for your home will ultimately be determined by dynamics of the market.
Your property has many values: one to the tax assessor, another to a lender or insurance company, and yet another value to you, the owner. It also has different values to prospective buyers, depending on their needs, desires and financial resources.
There are many factors that influence the market value of your property, including location, buyer demand and financing. The purpose of this presentation is to allow us to work together to set an appropriate listing price.
In setting the listing price, you must consider all relevant factors such as recently sold properties in your area with similar features to those in your home.
A market evaluation supplies the necessary data to help you establish the best listing price. It does not limit the actual selling price of the property. It does, however, provide a strong foundation upon which you may base your expectations.
The market data approach we use is based upon the established concept that a prudent buyer will pay no more for a property than it will cost to secure a comparable substitute.
Pricing Strategy
If the asking price of a property increases beyond fair market value, the pool of potential buyers decreases dramatically. Pricing it at or below market value increases the number of showings and the percentage of qualified buyers viewing your home.
Drawbacks
The drawbacks of overpricing are numerous and rarely benefit the seller.
• Pricing your property higher than comparable listings may actually help sell, another property more quickly than yours.
• Overpricing may attract the wrong buyers.
• Sales Associates will miss showing your property to potentially qualified buyers because your home is out of their clients’ price range.
• Fewer potentially qualified buyers will respond to your ad.
• You may miss out on the buyer who is unwilling to negotiate.
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