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Lafayette Indiana Area Real Estate
More Ideas About Pricing Your Home Pricing your property competitively from the beginning will generate the most activity among agents and buyers. v The best price obtainable will ultimately be determined by the market. It is highly unlikely that a buyer will pay more for your property than they would pay for a similar property with like amenities and features. All other considerations aside, properties that do not meet the current competition in price, terms, and condition, simply do not sell. In fact, they may even help sell the competition! v There are some factors within our control: the listing price, the terms you offer, the condition of your property, promotion and marketing, the ease of showing. It is important to concentrate on these factors since there are many over which we do have no control. v Starting too high and dropping the price later misses the initial excitement and fails to generate as much activity later. v It may even become necessary to drop the price below market value to compete with new, well-priced listings. Overpricing causes most homes to remain unsold for too long of a time
Time A property generates the most interest among agents and buyers when it first goes on the market. The number of showing is greatest during this time—if it is priced at a realistic market value. Chances are your home will sell at a fair market value. Pricing it realistically to begin with will bring a timely sale, fewer inconveniences, and a greater monetary return. A lengthy time on the market could cause any offer that is made to be well below what it might have been if appropriate pricing had been set at the start. The higher a property is priced above the true market value, the more time it will take to sell and the less interest it will attract. It is true…sometimes the market changes after a house is on the market; if so, pricing needs to be adjusted immediately! Competition Buyers educate themselves by viewing many homes. They know what is a fair price and what is not. If your home is not competitive in price and value with those they’ve seen, it won’t sell. Agents might show your home to buyers, not necessarily as a property that they might want to buy, but as an example to support a better (lower) price for a property that is comparable to yours. Reputation Overpricing causes most homes to remain unsold for too long of a time. Buyers aware of this long period of exposure are hesitant to buy, fearful that there is something wrong with the home OR that it will be on the market a long time when they go to sell it later. After the initial few weeks on the market, the only buyers viewing your home will be new buyers in the marketplace. Expectations Buyers expect more in a home listed at a higher price. If they don’t find all they had hoped for, they become disappointed and disinterested. Overpricing lessens the property’s chances for exposure because most agents want to present to their customers only the most favorable options. Inconvenience If overpricing keeps your home on the market too long, you may end up owning two homes—the one you have already bought and the one you are trying to sell! This could result in a substantial monetary loss for you, as well as added inconvenience. MLS Presence The property can easily lose potential buyers in the “computer shun” whereby properties are searched for within price ranges. If your property is above the upper limit on the pricing parameter that was searched, buyers might not ever be introduced to your home!
             
Kathy Lafuse ABR, CRS, GRI
Phone
E-Mail Us
(765) 742-1400 x145 Fax (765) 742-7505 Evenings (765) 463-2722 Coldwell Banker The Shook Agency
427 Main Street
Lafayette, IN 47901
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