The most critical step in preparing to market a home is determining the listing price. Naturally one wants to realize the highest return on the property. It is obvious that pricing a property under market value cannot provide the highest return. It is less obvious, but true, that pricing a property over market value will also produce less than the best return. The right price produces the best result. With a proper market analysis, you will be able to see the value in your home compared to others’ in the marketplace.
Listing Close To Market Value
Listing close to market value will allow you to get the best possible price in a short time on the market.
Listing Above Market Value
Your home may stay on the market for a while and potential buyers may think you are not serious about selling your property. Buyers today are more educated about Real Estate and know market value. You will ultimately end up reducing the selling price. Overpriced homes help sell similar properties in the neighborhood that are priced at market value.
Listing Below Market Value
Be careful, you may get what you ask for! By undervaluing your property you get the buyers attention, but you will usually end up getting market value or scaring off those who don’t want to be involved in a bidding war.