Changing Times in Real Estate: Pricing strategies
Last updated 5/25/2023 at 10:55am
Perhaps the most talked about factor when we decide to sell our home is "What price do you think we should list it for?" While it is true we want what is best for you, as our sellers, and want to consider your input, other data has to be considered.
There is market specific data to give every property in every situation a fair range to strategically position your price for success. After all, we want our home sold and not just for sale...correct?
I have seen sellers who choose their realtor by the one who suggests the highest listing price. I know that sounds tempting, but does that work to your advantage in the end? Another possibility is choosing the realtor because he gives you the lowest commission. That also comes with the assumption that every realtor will be attracting the same amount of interest and demand for your home. Data has also proven that that tactic also does not work to your advantage in most cases.
In order to assess pricing and realtor choices for marketing, it is best to research the data. Local seasoned Real Estate professionals are your best choice for correctly assessing your home's valuation. They will know what local buyers are looking for and what amenities your possible buyer will want. Those are some facts we discussed last week.
Who has the best list price to sales price ratio? Who sells the most homes in your given price range? Who do you envision yourself in a partnership with to get your home successfully sold? Who has the most experience and best reputation among their fellow local agents?
There is a lot to consider, and it all can affect the end sales price and net in your pocket. We all want what is best for you in that regard, as your realtor receives a vested portion.
We also need to assess the views and demand for your home, which can be realized by the number of showings for your home. There is a ratio between views, saves and showings that a property will accrue if it is viewed as a good value by buyers to look for. When that ratio is not achieved, there needs to be some adjusting in some way to increase the buyer demand.
Ultimately it is all about the buyer demand for your home, and it will be there if your home is priced where the buyers perceive value in return for your price. That is where we achieve a meeting of the minds with a willing buyer and a satisfied seller.
If a home is overpriced, it will sit on the market and not receive showings. The sellers will become unhappy with their realtor because their expectations were not met. Really though, the expectation was not realistic, and the realtor was placed in a no win situation.
As other homes sell, the frustration continues. No one is happy, and everyone loses. That is a scenario to avoid at all costs. Data also proves that when you overprice your home, you will ultimately end up selling it for less in the end, as you continue to trail the market and buyer demand goes down.
In order to avoid that happening, as previously stated, pick a local professional and seasoned realtor you trust and can work with. You will be far ahead in selling price by using that strategy. At Ken Follis and Sharon Robinson Group, we want what is best for you. We will give you an honest assessment of your home. We are confident in our approach and marketing strategies and will achieve the highest sales price possible in the current market.
We can be reached as follows: Ken Follis 760-803-6235 or [email protected] Sharon Robinson 949-295-1161 or [email protected] or visit our in person office at 100 N. Main Ave. or our website at Kenfollisandsharonrobinsongroup.com. We hope to hear from you soon!