Sellers have a decision to make. To sell or not to sell? To stay or not to stay? If the decision is to sell, then sell. And sell smart. A smart seller doesn’t chase the market. A smart seller prices ahead of the market. A smart seller understands that pricing is the tool that attracts buyers to their property. Yes, property condition matters. Promotion and presentation matter. But, without right pricing, a property will languish on the market.
How Does a Seller Know How to Price?
Various tools come into play when evaluating the price of a property. A careful review of past sales, current inventory, condition, size, and features must be factored into the price.
Other considerations include:
- Seller motivation
- Disclosures that might impact value
- The time of year
- Any special contingencies, such as a sale being subject to a seller doing a 1031 tax-deferred exchange or finding a replacement property.
Pricing isn’t an exact science, but experience bears out the direct correlation between right pricing and obtaining the highest and best price in the shortest period of time.
Pricing is More Important Than Ever
So, if you have decided to sell, decide to price your property right. In a market that is slowing, this important principle is more important than ever. Don’t chase, attract. Attract the right buyers at the right time at the right price!