Goal: Select a price that is on target and generates offers.
Rules of Thumb:
- If you are getting showings but no one is writing an offer, it generally means that you are in the range of 4 to 6 percent above market price.
- If your number of showings is low and you’re experiencing a lot of drive-ups but the buyers don’t come in to see the home, then your home is priced between 6 and 12 percent over the current market value.
- If no showings are happening at all, then your house is likely priced 12 percent or more above what the market will bear for your property.
How To Do a Pin Point Price Analysis: Setting the Day on the Market Price
Step 1: Set an Initial Price When Signing The Listing Contract Based on Comparable Sales From The Past Month
Step 2: Implement The “Pre-Emptive Marketing Campaign” & Monitor The Market’s Feedback… Feedback tells you what to do next… LISTEN TO IT!! Set your “Bulls Eye” Price based on the results of the “Pre-Emptive Marketing Campaign”. Enjoy a sale within 26 days, for TOP DOLLAR!
Don’t Get Caught In the Pitfalls of Over-Pricing Your Home
The vast majority of qualified, motivated buyers come through your home in the first two weeks. If you price your home inappropriately in the beginning, you will miss these buyers. Also, if your house sits on the market for longer than average (which is likely when you start too high), then buyers start to ask themselves what is wrong with it, and this results in you getting less than market value for your home in the end.