Properly Pricing Your Real Estate For Reduced Market Time

Proper pricing can significantly reduce the time your property is on the market. One of the most important services offered by an experienced real estate agent is guidance in pricing. They can be objective, and have access to current market data and the selling prices of comparable properties.
Here are some important factors that go into pricing and why it's so important to get it right from the start.

Determining Value: Experienced associates have valuable information at hand. With their expertise in analyzing data, they are able to present market information in its most useful form and counsel you on pricing while factoring in local market conditions, economic climate and the value of property improvements.

Location

Many factors can affect the desirability of a property. Neighborhoods that are close to shopping, schools, transportation and other conveniences typically will sell for more.

Condition

The condition of your home can significantly increase the value and decrease the selling time. Make sure your property is in the best possible condition at each showing. Your real estate agent can guide you in setting up your home to “show’”

Comparable Market Data

Homes must be priced within an appropriate range based on the current market value. You are actually "selling" your property twice... once to the buyer and once to the appraiser.

The more interest generated; the better chance of selling your home. When your home is new on the market it goes on the realtors “HOT” sheet for 7days. A properly priced home should have a good amount of activity during this period. The strongest potential buyer activity on a listing occurs in the early stages of marketing. This is the group with “pent-up demand” that has already begun to explore the market and are awaiting new properties to become available. Additional activity will come from buyers who are new to the market.

Even when a home is priced right, other conditions such as time of year, the economy, the current mortgage interest rates and competition can all affect the time it takes to sell your property.

Proper Pricing

Proper Pricing = Reduced Market Time

• Less Inconvenience to You

By reducing market time, proper pricing can reduce the time and energy needed to prepare your home for showings, including keeping it in "show condition", making child care and pet arrangements and altering your life to accommodate showings.

• Exposure to More and Better Prospects

At market value, you open your home up to more people who can afford to pay the price.

• Increased Agent Response

At a reasonable price more agents will get excited about the real prospect of selling your home and will make more efforts to show it to potential buyers.

• More Bottom Line Marketing Results

More ad and sign calls to real estate agents turn into showings when price is not an obstacle.

• Higher Offers

When your home is priced right buyers are less likely to make low offers out of fear of losing a good value.

• Faster Sale

When your home sells faster you save mortgage payments and other ownership costs.

• More Money to You

If your home is priced right, the excitement of the market produces a higher sales price. You net more in terms of both actual price and reduced carrying costs.