Whether you’re in a hurry or willing to wait patiently to sell your home, “pricing to sell immediately” is the best strategy. Why immediately? Because the majority of buyers are always searching for the newest properties on the market and they assume the best ones sell fastest. The longer a home stays on the market, more negative perceptions will form, even if there is genuinely nothing wrong with the property.
Pricing a home according to what the market will bear is the best strategy every time. That means setting a price that is within reasonable range as other similar sold homes in the same condition as yours and in the same general location. Many sellers want to pad a market price ten to twenty percent higher to leave room for negotiation. Unfortunately, most of these sellers discover that this strategy negatively affects their sale, both in the amount of time it takes to sell and the final price.
Consider these facts from data analyzer, CoreLogic, that describe the impact of your home’s visibility to all buyers at any point in time based on price searches:
∙ 60% of all potential buyers will see your home is for sale when you’re priced within market range.
∙ Only 30% of all potential buyers will see your home is for sale when you’re priced 10% above market range.
∙ Only 10% of all potential buyers will see your home is for sale when you’re priced 15% above market range.
Instead of trying to come out on top in negotiations with one single buyer, strategize to maximize the number of buyers interested in your home. That way, you’re more likely to find multiple buyers competing to win the bid for your home.
Meet with an experienced Realtor® to determine the best market price for your home, which includes assessing recently sold data in your area on similar homes.