Why Correct Pricing is Key
How many times have you as a buyer, seller, home owner, or real estate pro witnessed a house that seemed to linger a little longer than the neighbors, then undergo a modest price drop and -boom- full price offer, or better yet (at least for the seller) multiple offers? There is no better anecdote for the power of proper pricing than this classic scenario.
Proper pricing placement is critical to positioning a home in the market. Even a home slightly overpriced will often go "unnoticed" by buyers in the market, despite a seller's likely willingness to negotiate a less than full list-price contract. According to the National Association of REALTORs, pricing a home 10% over market value eliminates up to 70% of the "buyer pool" willing to look at the home. As such, proper pricing or a well timed price reduction, can assist in positioning a home where the market is most likely to react.
