How Your Asking Price Affects Your Selling Price

How To Get The Price You Want (And Need)  

When you decide to sell your home, setting your asking price is one of the most important decisions you will ever make. Depending on how a buyer is made aware of your home, price is often the first thing he or she sees, and many homes are discarded by prospective buyers as not being in the appropriate price range before they're even given a chance of a showing.

Your asking price is often your home's "first impression", and if you want to net the most money you can for your home, it's imperative that you make a good first impression.

This is not as easy as it sounds, and the pricing strategy should not be taken lightly. Pricing too high can be as costly to a homeseller as pricing too low. Taking a look at what homes in your neighborhood have sold for is only a small part of the process, and on its own is not nearly enough to help you make the best decision.
A recent study, which compiles 10 years of industry research, has resulted in a new special report entitled "Platinum Group Pricing". This FREE report will help you understand the pricing strategy from three different angles. When taken together, this information will help you price your home to not only sell buy sell for the price you want.

1. Clearly Overpriced:

Every seller want to realize the most amount of money they can for their home, and real estate agents know this. If more than one agent is competing for your listing, an easy way to win the battle is to over inflate the value of your home. This is done far too often, with many homes that are priced 10-20% over their true market value.

This is not in your best interest, because inmost cases the market won't be fooled. As a result, your home could languish on the market for months, leaving you with a couple of important drawbacks:

1. your home is likely to be labeled as a "troubled" house by other agents, leading to a lower than fair market price when an offer is finally made
2. you have been greatly inconvenienced with having to constantly have your home in "showing" condition...for nothing. These homes often expire off the market, forcing you to go through the listing process all over again.

2. Somewhat Overpriced:

About ¾ of the homes on the market are 5-10% overpriced. These homes will also sit on the market longer than you want. There is usually one of two factors at play here: either you believe in your heart that your home is really worth this much despite what the market has indicated (after all, there's a lot of emotion caught up in this issue), OR you've left some room for negotiating. Either way, this strategy will cost you both in terms of time on the market and ultimate price received.

3. Priced Correctly at Market Value

Some sellers understand that real estate is part of the capitalistic system of supply and demand and will carefully and realistically price their homes based on a thorough analysis of other homes on the market. These competitively priced homes usually sell within a reasonable time-frame and very close to the asking price.

4. Priced Below the Fair Market Value

Some sellers are motivated by a quick sale. These homes attract multiple offers and sell fast- usually in a few days - at, or above, the asking price. Be cautious that the agent suggesting this method is doing so with your best interest in mind.