Selling Price vs Timing
Timing is extremely important in the real estate market. The above graph illustrates the importance of placing your property on the market at a realistic price and terms from the very beginning. A property attracts the most excitement and interest from the real estate community and potential buyers when it is first listed; therefore, it has the highest chance of a sale when it is new on the market.
The Importance of Correct Pricing
As the triangle graph above illustrates, more buyers purchase their properties at market value than above market value. The percentage increases even further when the price drops below market value. Therefore, if you price your property at market value, you are exposing it to a much greater percentage of prospective buyers and you are increasing your changes for a sale.
Buyers Always Determine Value!
The value of your property is determined by what a BUYER is willing to pay in today’s market based on comparing your property to others SOLD in your area.