Strategically positioning your home in the market is key. In order to generate maximum interest and leverage the most favorable selling price in the shortest amount of time, your home must be expertly positioned in the marketplace.
While the goal is to achieve the highest possible return in the shortest amount of time, overpricing a property above market value can have dire consequences by turning away prospects and decreasing the likelihood of a successful sale. The initial list price impacts the visibility of your property. The closer a property is to market value, the highest percentage of buyers who will see it.
TIMING OF SELLING
The timing of a sale is important because of its direct correlation to final sale price. A property attracts the most interest when it is first listed, and a property priced above market value fails to benefit from this peak interest period by diminishing the impact of the marketing plan and reducing the pool of prospective buyers. Showing activity peaks during the first several weeks a property is on the market.
LIST PRICE VS SALE PRICE
A high list price negates they key driver in property marketing, which is timing. The final sales price of a property is nearly always inversely impacted by the time it has spent on the active market. An overpriced property that lingers on the open market will ultimately sell for far less than what a more marketable initial list price would have brought, not to mention the cost of carrying the property.