sees the price set right between the market value benchmarks, at $2,150,000. Likely, home shoppers will lump the home with like-priced homes, knowing they can buy anytime for that price. • The “underpricing generates interest” approach. Underpricing at $1,950,000 will motivate buyers and perhaps create a bidding war. Here in Silicon Valley, it is not uncommon to see overbids upwards of $500,000 in a multiple bid war.
THE COMPARATIVE MARKE TIVE MARKET ANALYSIS
When it comes to finding a buyer, pricing your home based on comparable, real-priced sales is crucial to making the sale. The Comparative Market Analysis is imperative to pricing strategically. When you ask for one from a real estate professional like myself, be sure to review the analysis, ask questions, and get explanations. When completed correctly, this comparison report not only gives you a great listing price but also reduces the chance of your home being under-appraised. If you have a well-priced home, you should be showing it within the first few days on the market. Offers should come within weeks.
PERCEIVED VALUE
If the perceived value of your home by a potential buyer is greater than the actual price, this creates a more willingness to buy. The urgency to buy disappears if the price and perceived value are not aligned. This means marketing the home to match the buyer’s specific needs and desires. A real estate agent such as myself can help you know the buyer’s hot buttons, such that marketing and presentation can be tailored accordingly.
SELLING BY SHOWING OFF
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