Thursday, March 13, 2008

Priced Right = Sold!

It’s true that home sales in the Seattle market have slowed substantially since last summer, but homes that are priced at market value from the outset, still sell quickly.

What exactly is Market Value and who determines it?
Market value is the price that a buyer will pay for a particular property at a given point in time. It may or may not be the same as the listing price. Market value is controlled by the consumer, and the consumer alone. Although the seller and the agent set the listing price, neither can control the actual market value.

The single most important decision you will make regarding the marketing of your home is setting the listing price. It is so common for homes to come on the market well-above market value that when agents and buyers see one that is priced well, they give it their full and immediate attention. This usually produces a full-price offer within the first three weeks — often, much sooner. After all, there is not much reason to rush out to see an over-priced listing. And once the current crop of buyers has pegged your home as being over-priced, it can be difficult to convince them to give it another look, even if you do reduce the price. Worse still, once you reduce the price, any subsequent offers are likely to be even lower than your new price, because the buyer’s conclude that they have little competition and you are therefore likely to accept whatever they offer.

How do you decide the correct listing price for your home?
Your agent should provide all the necessary research to help you make that determination by means of a CMA (Comprehensive Market Analysis). An agent who agrees to list your home at a price higher than they know the market will pay is doing you no favor.

Call me today for a free, no-hassle consultation and ask me about my proven strategies for selling your home quickly & for top dollar, even in this buyer’s market. 206-708-9800

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