The Sweet Spot for Pricing Your Home Correctly

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‘Getting it right the first time could mean a lot more gain’

Pricing your apartment accurately yet competitively will generate the most activity from buyers and brokers.

Pricing your property too high may make it necessary to drop the price below market value to compete with new, well-priced listings.  We call this “chasing the market”.

Barbara Corcoran once said: “Don’t build ‘wiggle room’ into the asking price.  There’s a price war out there and you have to win it from the get-go. Shop the competition to see what similar homes are selling for and price your home 10 to 15 percent lower so it’s the first house shown.”

A property generates the most interest when it first hits the market. If it’s priced realistically the number of showing is greatest during this time. An apartment that starts too high and drops the price later misses the excitement and fails to generate strong activity. In fact, many homes that are initially priced too high end up selling below market value. Getting it right the first time could mean a lot more gain. Your asking price has a direct correlation with the number of showings you’ll get.

The illustration above shows that the sweet spot for pricing your home is right at market value or just below it.

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On April 18, 2014

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