How to Determine a Market-sensitive Price
You have one chance to make a first impression. The first day on the market generates the greatest number of online viewers. A Fair Price will attract showings for buyers who are sincere about considering buying your home.
A Comparative Market Analysis (CMA) Considers Similar Properties
- Recently Sold houses show what buyers have actually paid for similar properties
- Houses that are currently on the market will be competing for available buyers’ attention
- Houses that have failed to sell will serve as an example of what not to do
Dangers of Over-pricing
- Fewer buyers are attracted and fewer offers received
- Marketing time is prolonged and initial marketing momentum is lost
- The property attracts “lookers” and helps competing houses look better by comparison
- If a property does sell above true market value, it may not appraise and the buyers may not be able to secure a loan
- The property may eventually sell below market value