Where are the offers? How to avoid the overpricing mistake! Part 1

Selling a property takes work and that work begins with pricing the property accurately! Our first job as your listing agent is to partner together in establishing the right price before putting the property on the market.

 

Every agent should know that a new property listing should be correctly priced before the ink on the listing agreement has time to dry. A brand-new listing always appears on MLS on the “hot listings” page or at the top of the active property list. Newer listings usually sell for a higher price than properties listed on the market for a more extended period. As the weeks pass, potential buyers begin to wonder why it hasn’t already sold.

So, what should you do to prevent a very long listing period? You and your agent should go over these five points when strategizing about how to price your property:

 

1. An impartial evaluation of market activity is the most effective way to estimate a property’s selling price

A comparative market analysis (CMA) is a great tool to see similar, nearby properties that recently sold. The CMA can also show homes that are currently active on the market as well as those under contract or those that recently failed to close.

The sale of comparable properties during a specific period — usually the most recent six months establishes market pricing.

Pricing the home above comps will undoubtedly ensure an extended listing period.

Watch the blog for more on this…….

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