Seller's Guide - Coldwell Banker Real Estate Group - Flipbook - Page 11
L I ST P R I C E
Your home is only worth what a buyer in the current market
is willing to pay. In other words, fair market value is the
highest price an informed buyer will pay, assuming there
is no unusual pressure to complete the purchase.
You will know if your home is priced right by the number of showings.
•
If a property is overpriced, there are few showings
and no offers. Buyers and agents in the market view the home
online; however, they do not come to the home because they
believe that the home “down the street” is a better value.
•
If the home is priced within the market’s list
to sales price ratio (typically listed within 5% of the
sales price), it should receive an offer within the average days on
market. The home will show well but may be second on a buyer’s
list several times before receiving an offer.
•
If the property is priced at or below market
value, it becomes a “hot” property. Buyers’ urgency is
heightened because they feel they may lose the property to other
buyers in the market. The property receives significant showings
and possibly multiple offers. By setting the price at the market
value, the seller creates fear of loss and, ultimately, sells the
property quicker. The home is in a better negotiating position and
may even sell for higher than the asking price or market value.
You are hiring an agent to watch the market and determine how your
property stands out against the competition. It is the agent’s job
to make sure you have positioned your property at a price to drive
significant traffic and create the best climate to receive an offer.
1
PREPARE YOUR
HOME FOR SALE
2
MARKET
YOUR HOME
3
ACCEPT
AN OFFER
4
REPAIR &
APPRAISAL
NEGOTIATIONS
5
MOVE OUT
& CLOSE
11
