Pricing is an Art or -
How to Choose the Right Asking Price - by Bernie Bloomberg
First, get a highly experienced, successful Realtor on your side.
It has been said often, that to price your home properly you need to know how much comparable homes are selling for in your area. Many Realtor websites talk about the importance of using a Realtor to supply you with the price of current listings in your area, as well as (and more importantly) the price of recent “Solds” in your area.
It is true that this data is extremely important to have if you are going to price your home properly for sale. But the ultimate question is …. What is “Properly”? Obviously the simple answer would be that if a home is priced properly, then it is priced to sell, rather than test the market or expire without selling.
Every seller wants to sell their home for as much money as they can get for their home, and they want to sell in the least amount of time possible. And to meet these two criteria, it is not good enough to simply place a “For Sale” sign on your lawn, or list your home with a Realtor®
<<< FMV = Fair Market Value
Many people call me and ask me what they think their house is worth. To make people think about the answer, my response is usually “What is it worth to WHOM?”
You see, it doesn’t matter what you think your home is worth and it doesn’t matter what I think your home is worth either. The best Realtor should be able to predict what the home is worth to prospective buyers, in your area, who are currently looking to buy a home … TODAY!
Agents can never tell you how much your home will sell for.
A listing agent can show you comparable sold prices, and active listings. Like a good stockbroker … a GOOD Realtor should be able to interpret trends in the current market, and more importantly (for you) predict where the market is going.
However, once your Realtor has gathered the information for you, and then interpreted the past, present, and future market trends for you …YOU choose the sales price! And in the end ONLY the Buyer will tell you if the price is right.
Be careful! To get your listing some agents might distort the truth. Because Realtor's can’t guarantee your sale price, the listing agent who suggests the highest price is probably being untruthful.
Ask the Realtor to show you numbers supporting that suggested list price. They probably won’t have them or the home sales will be located in a different neighborhood.
Best Advice: Look for an honest top experienced listing agent who gives you a range.
There is always a price range. If you asked a stockbroker how much a stock is worth, they won’t say $20.00
They will tell you it is trading between $17.00 to $24.00. In real estate the price might be apart $10,000 between the low-end and the high end, or the spread might be even greater. Many factors determine the range, some of which are location, improvements in a particular home, and how many sales are happening in the community.
Remember – Pricing is an Art
The best time to generate an offer is within the first 30 days of listing a home on the market. If the home is priced right, you’ll get one or more offers. If it’s priced too high, you might not get any showings at all; buyers will shun your home and you’ll eventually end up reducing the price, leaving buyers wondering what’s wrong with your house.
If you would like to know the secrets about the strategies we use to generate multiple offers for our clients, click HERE!
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