Pricing Property Correctly

When you decide to sell your property, you want the highest possible return from its sale. Determining price is the most critical step in preparing your property for sale.

Obviously, pricing your property too low won't provide the best return. You are apt to be deluged with lookers and may get many offers, but you could lose thousands of dollars on your family's largest investment.

Likewise, pricing a property too high is risky. Homes priced too high miss their target market. Qualified buyers who might find the home just right for their needs won't see your property, or make an offer on it, because it is out of their price range. If they are shown an overpriced property during its early marketing stages and do not buy because it isn't a good value, they are unlikely to revisit your property once the price is lowered. Real estate agents will hesitate to show an overpriced property, unless it will make a competing property look like a better value.

If your home is priced right from the outset, you maximize your opportunity of reaching the most qualified buyers. Buyers who have seen most available homes in their price range are waiting for the right house to come on the market. This is why a well-priced property often sells quickly once it is put on the market.

Multiple listing association statistics show that the longer a property is on the market, the lower the selling price. The property becomes stale and a price reduction results.

The right price really is the right price range to attract the maximum number of qualified buyers within a time frame that suits the sellers' needs. Pricing strategy depends on the market conditions at the time your property is put up for sale. It can best be determined by an agent who is active in the market, who constantly views properties and is monitoring the changing market conditions.

If you need help to determine the right price for your property, in order to sell in the least amount of time for the highest return, please contact Kennedy & Associates at 707-884-9000 or e-mail at property@kennedyrealestate.com.