Tuesday, October 17, 2006

Pricing right the first time

Pricing a property correctly has always been key when trying to sell you home. The right price can get it sold in two weeks, but the wrong price, well, it doesn't move at all. Especially in today's current "balancing" market, pricing the your home right from the start has become even more critical. It's certainly easy to make adjustments down the road, but unless you have the luxury of time, often times these adjustments come too little too late. You might have missed hundreds of potential buyers and don't be fooled by the fact that you are getting showings. If you're getting showings that's always a good sign, but even if you're getting 2nd and 3rd showings without an offer, something is not right. So how do you price your home to get it sold? Well, I can tell you right off the bat if the words that are coming out of your mouth are something along the lines of, "well, the condo/home down the street sold for X in June...." then you're heading down the wrong path. The more important questions are what is your competition asking, what if anything has closed in the past couple weeks, who are the potential buyers and how are those buyers going to view your home compared to the competition? Even if your house has more upgrades and you feel it is worth more then the competition that doesn't mean that a buyer will place the same importance on those upgrades. Pricing wisely from day one on the market can and must be done. If it feels like your three years old again running away from those peas that your mom is about to put on your plate, it's not so bad, remember, there was a day when you realized those peas really weren't as bad as you thought.