In today’s real estate market, pricing a home correctly out of the gate is critical. Buyers will always ask "how long has this home been on the market?” As your home sits on the market, buyers lose their excitement. How do you avoid this? Power pricing, as we like to call it.
Power pricing is being at the top of all of the buyers’ searches, while pricing aggressively. The key to selling a home is to price to stimulate activity ― not to test the market. Attempting to set a price that will create a lot of negotiating room may result in you never getting the chance to settle in the first place. With the right price in the right market, as well as the correct marketing and presentation, you could potentially get multiple offers in a very short amount of time.
On the other hand, when a home is priced too high, it will be avoided by buyers and their agents. The rule of thumb is the longer your home stays on the market, the offers will become lower, or there will be no offers at all. As a home sits on the market week after week, buyers start to wonder what is wrong with it. Why has it taken so long to sell? Eventually, they may assume that you are either pricing the home too high, or there is something seriously wrong with the property.
After the first two weeks, the buyer pool will drop as everyone in that pool has seen your property online or has made an appointment to actually walk through.
If you choose to price for a large amount of negotiation room, as many sellers do, keep in mind that once all efforts to market your property ― such as Internet exposure with high-quality photography, videos, social media target boosts, magazines, and open houses/brokers opens ― have been exhausted, price repositioning will most likely be in order. Why? If you wait too long, buyers will suspect that there are issues with the home.
However, the good news is, today's buyers tend to watch properties they like online. They wait and stalk the listings, waiting for the ideal price. When that price is posted, the phone calls and showings begin again.
Keep in mind that the Internet does not sell overpriced homes, and neither will an ad in The Wall Street Journal. It’s all about being smart when pricing your home. Power pricing makes selling your home much more enjoyable and less time-consuming.
Husband and wife Rose and Dean Sklar of The Sklar Team have 20 years of South Florida real estate experience. They have a 10-year streak as No. 1 in both volume and units in the City of Weston, and were named the No. 1 Coldwell Banker agents in all of Broward County in 2018 ― both by Coldwell Banker Residential Real Estate. They nationally outrank 99.5 percent of all NRT Coldwell Banker agents. Below, they share the importance of power pricing a home to sell.
Watch a video on Power Pricing Your Home to Sell: https://www.youtube.com/watch?v=NPmwZKjnBC0&t=8s
The Sklar Team at Coldwell Banker Residential Real Estate is located at 2690 Weston Rd., Suite 101, Weston, FL 33331. For more information, call 954-389-6197 or visit sklarteam.com.