Buyers are savvy and know about the properties that are in competition with your home. A list price that is too high may drive them to purchase your neighbor’s home instead. Remember, the goal is to receive offers. It is always better to turn down an offer than receive none. This keeps you in control.
Everyone wants the highest possible selling price. In our experience, this is most likely to occur when your home is priced correctly from the beginning. New listings receive the most attention during the first 30 days they are on the market, and the showing activity is at its highest during this time as well. The number of buyers looking at your home goes down over time regardless of the price.
It is also crucial that the “correct” buyer actually sees that your home is for sale. A majority of buyers search using price range parameters. A home that is priced too high may not show up in their searches. For example, if the fair market value of your home is $300,000, and you have it priced at $350,000, the buyer searching for $300,000 homes likely won’t even see it. And it won’t stack up to what the buyer looking at $350,000 homes is expecting. Also, you may be perceived as a non-motivated or unrealistic seller.
At Thomas & Company, we work closely with our sellers to determine the best possible price to get their home sold quickly and for top dollar.