When deciding to list your property, our team will help you determine the most competitive asking price to help you obtain the most return on your investment. When pricing competitively, you position yourself to receive multiple offers and competitive bids. On the flip side, overpricing can potentially eliminate some competition and ultimately lead to lowering your asking price over time on the market. Having to lower your asking price can cause your listing to appear "damaged", whereas pricing lower in the first place has proven to drive the price up by buyers offering over asking price. The reason this happens boils down to how buyers have their property search set. For example, when a buyer is looking for a property up to $400,000, and their search criteria is set accordingly, they are missing out on seeing listings over $400,000. If your home is priced at $450,000, that buyer may not be aware of your listing. However, if your home is priced at $399,000, the buyer might still be willing to offer $450,000 after viewing the home and realizing the value is worth $450,000, especially after learning multiple other buyers have the same idea and having the fear of missing out. If the initial list price would have been $450,000 up front, there could be less competition leading buyers to believe they can offer below asking price.
The market is always fluctuating. Over the course of the last year, we have seen prices drastically increase. Pricing still remains high, with the lowest inventory we have seen in years. When supply is low, demand is high, and prices remain high. Due to this current state of a "Seller's Market", now is an excellent time to list your property before we shift back into a "Buyer's Market."
Contact our team today to discuss the best pricing strategy for your property.
