When selling, there are four major factors: price, condition, location, and economy. Here we will discuss pricing a home and then adjusting that price to achieve a sale at the best price. Many times sellers and agents will price a home too low and it will sell quickly. To avoid this problem, it is best to price your home slightly high at the start. Consider the other homes for sale because they are your competition. Ask me for a list of all homes for sale within a 2-mile radius and decide where your home price would best fit in on the list. It is best to keep it priced slightly below the competition. Once your home is marketed at the chosen price, we can now evaluate the amount of website exposure and showing requests. We will also survey each buyer and agent for valuable feedback. Ultimately, it will be the buyers who make offers and thus determine how much your home sells for. Within a week or two of marketing, the market response will be evaluated. After selling hundreds of homes, my experience and instinct will help you determine if we should adjust the price or hold course. Sometimes we stay the course because the market conditions are predicted to improve in our favor (Snowbirds coming to Sarasota in November). Other times the market conditions are not in our favor (negative news, stock market drops, rising interest rates, neighbors listing their homes at lower prices, etc.).
If you are determined to sell in a reasonable amount of time, regardless of market conditions, adjust your price incrementally down. Lowering the price by 5,000 or 10,000 every week or two will bring your home into a sweet spot where buyers become eager to include yours in their showing requests. Most people love when something is on sale. When the showings pick up to roughly a minimum of 3 per week, hold your price and wait. As long as there are consistent showings, offers will come in. Disclaimer: Always rely on your agents guidance. My job is to see you get as much as possible for your home.
Prime Time Real Estate Inc. 