While the goal is to get the highest possible closing price in a reasonable amount of time listing a property above market value often turns away prospects and decreases the likelihood of a successful sale (see chart A). An overly aggressive price prevents a property from taking advantage of a key driver in property marketing – timing. It is well known that a property attracts the most excitement and interest when it’s first listed (see Chart B). If a property is priced above market value, it does not appropriately benefit from the peak interest period. This may ultimately lead to a sale below market value (see Chart C), or no sale at all.
The initial asking price is a critical aspect of your property marketing plan. Statistics show time and again that homes that are priced properly when first brought to market sell at a higher sales price, oftentimes with better terms and conditions, and in a shorter time frame. “Testing the marketplace” with an inflated over-market value asking price is rarely the best strategy.
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