The real estate market is experiencing a cooling trend nationwide. The research shows that pricing strategy is one of the most important factors that increase the likelihood of selling your home. A good strategy will hit that sweet spot that attracts the most number of buyers and also maximizes the potential sales price.
An example of a strategic pricing strategy is listing your house for $500,000, even with the data showing that the average sale of a comparable home is $525,000. Initially, you might think you are leaving $25,000 on the table. BUT it is better to receive multiple offers right away with a good strategic pricing strategy than to wait 40 days on the market to receive zero or one low-ball bid.
It is more important than ever to consult your real estate agent. Pricing strategy also impacts time on the market. Statistics show that if a property does not fall under contract within 14 business days, the likelihood of selling at that price point falls exponentially. Setting an attractive first price significantly lowers the average days on the market. In a cooling market, often, if a home is not priced by what is happening in the market, sellers end up waiting on the market for 30 days and then end up having to drop the price by twenty to thirty thousand dollars.