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Implementing the correct pricing strategy is crucial when selling a property because the wrong
price can negate the effectiveness of even the most extensive marketing efforts.
While it’s tempting to focus primarily on marketing, it’s vital to understand that the list price is the
number one factor in determining whether your home will sell and how quickly.
Simple Math Reveals Your True Price Trading Range
While online valuation tools can serve as a good starting point, they are just one component of a comprehensive market price evaluation that would include an assessment of not only the sales data but also the location, condition, and local market trends in your area.
To help with this analysis, commonly referred to as a Comparative Market Analysis (CMA), you can invite a real estate professional—a realtor (for free) or an appraiser (for a fee)—to assist you.
A Price Even Slightly Out of Range Prevents Offers
Cheating the math of the marketplace by pricing outside the range of the available market data can result in prolonged time on the market and will likely result in you settling for LESS than you would have if they priced it right from the start.
The table below illustrates just how costly this mistake can be. Homes that sat for over 90 days ended up selling for an average of 15.5% UNDER their original asking price.
The Bottom Line
Prolonged time on the market is like acid for your equity, so it’s critical to price your property
correctly at the start.
Discovering your true and accurate price range can be difficult, so you can request a free assessment
by scanning the QR Code or by visiting: JasonYoungHomes.net
