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Strategic Selling & Setting the Right Price

The longer a home sits on the market, the lower the selling price will likely be. In fact, in my experience, if a home doesn’t get an offer within two weeks of its listing date, it’s not going to sell for full price.

That’s why I use a strategy that’s designed to attract as many potential buyers as possible to get them excited about my clients’ homes.

  • Timing. We list the home when it is ready to be listed. We make repairs, stage the home, arrange professional photography and copywriting and do everything to ready the home to make the best initial impression.
  • Pricing. I want potential buyers to feel they are getting a great deal on a home. If the sellers set the price slightly below market average, we are likely to attract a bigger audience and create a more competitive setting.
Here’s a recent example: Comparative properties in my client’s market, also known as “comps,” predicted the market would set the house at $218,000, so we priced the home 3% below, at $212,000. We had four offers within four days of listing it in a market whose average days to sale were 170. The home sold for $226,500.

Pricing below market creates a competitive market and lends itself to a low-maintenance transaction. Buyers who find themselves vying for a property are going to do everything they can to make their offers more attractive than their competitors’ offers. They’re less likely to nitpick over repairs, more willing to negotiate closing costs, and more likely to increase their offers.

My job is to make sure the price isn’t set too low, and that it attracts a lot of traffic during those first two weeks after listing. Next month, I’ll talk about the buyer-broker agreement and why you should have one.