The Power of Accurate Pricing

Pricing your home correctly is a fine-tuning exercise.

Pricing your home is a significant part of the marketing strategy and key to fetching your top dollar.

what is the highest price for your home in the current market?
what is the best pricing strategy to get that top price?

These are the two most important decisions that you and your agent will make together.

Price your home correctly:

ensures greater exposure
a higher price
and a quicker sale

99.9% of the time. The .01% is to allow for the odd miracle!

So let's go back-want is meant by greater exposure? It simply means that agents and buyers take a look at your listing and decide they want to come and see your house. Your home gets put on the list of houses to visit; you get showings, you get traffic through your home.

What happens if you are over- priced? You get few or no people through, few or no showings.

Almost always, few or no showing = no offers. How go you get offers without qualified lookers?!

Good traffic generates offers. Then, if the offer does not come up high enough, you let it go. You can afford to because your pricing strategy is generating good activity. We do not subscribe to the theory of your first offer being your best.

We do believe though, that your best chance of getting your top dollar is in the first week or two. Why? Because you are tapping into a collective pool of buyers through the MLS system. Statistically, in most markets, when you are priced correctly, 60% of all activity happens in the first 2-3 weeks. Any good agent that is worth their salt and is working with a buyer, checks the computer a least once a day. With good activity and a fresh listing, you are in the driver’s seat.

As the time passes and the activity declines, your position of strength decreases. Agents are very aware of this dynamic. When a buyer asks about negotiability, the first thing the agent will look at is time on the market.

What does it mean when you have a lot of showings and no offers? Usually, that your price needs a bit more fine-tuning to get to the correct price point to generate offers.

Pricing correctly from the start will fetch you your top dollar. The rubber hits the road when the house hits the market, and some houses are easier to price than others. If you find you need to adjust, do it in a timely way.

Pricing is ultimately the seller’s decision, with advice from the agent. If you were to call us in to give you an evaluation and you chose to work with us, our philosophy is this: We will be very clear and up-front on what we think you should be listing at, but ultimately it’s your decision, because it’s your home and your life savings - we will always respect that! See also The Dilemma of a diligent agent.