Determine the Listing Price
October 13th, 2006 Real Estate
The listing price is the number one factor that potential home buyers will use to determine the homes they look at. While a realtor and you may determine the asking price, the selling price will be determined by the buyer. The reason why you should determine the listing price very carefully is that most buyers will not give a listing a second thought if the price is too high.
Setting the correct listing price will make a much quicker sale. It will attract a bigger number of potential buyers to your property, get you an increased response from realtors, and deliver more calls about the property. The listing price is an extremely important factor, and whether or not your property gets sold can ultimately be determined by the listing price.
An overpricing of a home can take place due to several reasons. As buyers tend to steer clear of homes that have been overpriced, you certainly want to stay away from overpricing. This usually happens when buyers ask a lot more for the home than its real value. Some buyers may ask a lot more than the real value due to the location of the home. It is certain the location is a very important factor, but most potential buyers will not give the listing a second look if the price is too high.
Generally speaking, most activity will happen within the first two weeks when you put a home for sale. An immediate interest will be noticed if you put the right price on your home. There always are buyers who are looking for homes that fall within their price range to be reduced in price or to be listed. Those buyers will, if the price is too high, will miss seeing your home completely.
You should always have your home appraised before you put it on the market to determine the listing price. You will this way know the full value of your home. Sell it for market value or a little under, but never attempt to go way over the value. Doing so will miss you out on many potential buyers, which is something you do not want to happen considering the very competitive home market nowadays. You should determine the right listing price so that your home draws as much interest as possible.
Realtors only have control over the plan behind marketing and no control at all over the real estate market, and that you should keep in mind. They do not determine the asking price. You, the seller, do. You can always ask a realtor for advice, but you are the decider of your listing price. If you take things step by step and do things right, you will have no problems at all selling your property by setting the listing price in the right area.