Why is it important to properly price a home when it is first listed on the market?

"There is a very ready, willing, and able group of buyers that will purchase immediately when a home is first listed if it is priced properly from the outset. Sellers cannot fool the buyers anymore in this day in age with a price you would like to ‘try.’ Buyers are very aware of the current market conditions and have all the tools at their fingertips to see if they are getting a good value or not.

If a seller prices their home properly from the outset and has an excellent real estate agent with a great marketing plan, it is always a win-win situation. The real estate agent will market the home to the real estate community and market it as an ‘excellent value!’ This will trigger the real estate agents to call their qualified buyers and make them aware of ‘a deal they just heard about.’

There is a HOT window of opportunity when a home first hits the market to get as many buyers into the home as possible. When a home is priced properly and it’s within this window, a savvy buyer will see it and jump at the chance. If you overprice, and lose this window of opportunity, there is a great chance that you will end up with offers much less than the “excellent value” price that your Realtor suggested. I am very honest with my sellers and last year the properties I listed that were priced right and marketed as ‘excellent values’ all sold with 25 days of first hitting the market. Basically, price it right from day one and you’ll win!"

Lillian LoGrasso
Web Site: www.LillianLoGrasso.com
Email: lillianlograsso@remax.net
Phone: 978-479-2250

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"New inventory attracts the greatest amount of buyers. Buyers, with the advance of technology, are highly informed in regards to price and days on the market. The longer a home is on the market, the less likely it is to achieve the asking price. Homes priced correctly at the onset receive more exposure and offers. The market data indicates homes which must be reduced to attract offers frequently sell for less than what the broker originally suggested as an asking price."

Margaret Belmonte
Web Site: www.margaretbelmonte.com
Email: margaret@margaretbelmonte.com
Phone: 978-927-2737

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"Proper pricing of a home is all-important in the sales process. The first two weeks of the listing are the most important. That is when the current buyer pool will look at the house and the most likely time to get an offer. In the market we are in, an overpriced listing will not generate offers, it will just sit on the market and lose its initial appeal."

Pat Fenton
Web Site: www.patfenton.com
Email: pat@patfenton.com
Phone: 978-524-8717

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"If you are reading this then you know and well understand the power of the Internet! It is important to price your home properly when the ‘For Sale’ sign first goes into the ground because the Internet has given buyers the power to learn all about the current real estate market place. A real estate buyer will know when your listing is truly a NEW listing because they are surfing the net looking for their new home every day sometimes morning, noon, and night! They are circling their favorite neighborhoods just waiting for the new sign to pop!

When a property comes on the market with the wrong price tag, the right buyer for that property might come through the first open house but then watch and wait, willing to gamble for the right price! In this time of cautious financing, no one wants to overpay. The buyer's bank even hires an appraiser to come out and check the value for the bank's investor once the offer is accepted. The Internet buyer knows that there is an increased chance of a price reduction the longer the house stays on the market.

Multiple price reductions are often a flag that the house is over priced out of the gate. Multiple price reductions are setting the buyer up to want to make a low offer to ‘test’ the water. In today's technology powered real estate market, a well-priced house will be recognized! When the listing is fresh on the Internet, it is possible that the right buyer will not only visit the debut open house but also stand in line to make a full price offer! Houses that sit on the market too long get lost in the excitement of new listings and often appear to have something wrong with them."

Andrea D’Amato
Web Site: www.FindYourNewHome.biz