Saint Louis Blog

If you don’t set your listing price correctly, the market will do it for you OVER TIME! 

No matter what you “want” or “need” for your home; or what you “think” it is worth, the supply and demand of comparable homes in your area will determine the sale price of your home.  Fewer homes, price goes up; more homes, price goes down.

Therefore, have an experienced Realtor calculate sold(not listed) comparables from your neighborhood and determine a sales pricing plan specifically for your home.

If you truly believe your home is superior to the current market and commands a higher than average cost, start at that price; but bring it down in two weeks or less if there are no offers.  Those first days are key to getting the most motivated buyers.  If you miss them because of price, you may have missed them forever.

A home correctly priced, should bring an offer in 30 days. 

Between 30 and 60 days you’ll get first-time lookers and picky buyers.

After 90 days you’ll get deal-seekers if any; because buyers will wonder what is wrong that the house hasn’t sold.

Buyers and agents search MLS and the Internet by the listing price the buyer can afford (not what they think the seller will take).  If you are priced higher, but will consider “any offer” hoping to get the highest price; you’ll be chasing your buyer down the price range until you get into their price range; which takes TIME.  For example, say you will take $290,000 and a comparable analysis supports that price.  Pricing it at $305,000 will eliminate buyers who top out (and search) under $300,000.  Bottom line:Never be more than three percent over your bottom line if you want to sell in 30 days.

Other benefits to accurate pricing:

Save carrying costs, mortgage payments and other ownership costs.

A quicker sale is more convenience for you. It takes energy to prepare for showings: keeping the home clean, making childcare arrangements, and altering your lifestyle. 

Higher price in the short run. Lower price in the long run. Sellers who list high look for that one buyer who will pay, discouraging potential buyers who could afforded the home. Then, they have to accept a much lower price at a much later date to the one buyer willing to make an offer.

Excite buyer’s agents. When a home is priced right, salespeople are excited to be the one to sell it. They contact all of their potential buyers quickly. If priced wrong, they may not be back for the lowered price.

Serious prospects are educated about asking prices in the areas they are seeking. They will not waste their time on a home considered overpriced. 

 Multiple offers!  Buyers fear they’ll lose out on a good home priced right. They are less likely to make “low ball offers.”  

  For more information or market evaluation