The simplest way for sellers to gauge if they have listed their home at the correct price is by the amount of buyer interest. If the price is right there will be a lot of inspections, plenty of positive feed back, and the submissions of early offers.
Conversely, if the “negotiating factor” is too big, far from encouraging a buyer to make an offer, it makes them think the seller is unlikely to accept a reasonable offer, it hereby inhibits them from making an offer.
The ingredients of a successful real estate transaction are, a willing seller, a willing buyer and a realistic price that will sell the property now. Not in three months time, or two weeks time – but now.
If the property is over priced the agent will get feedback to this effect, and there will be few offers. The buyers who are in the market now, will over look the property and move on to something else.
Some buyers will wait for months until the seller reduces the price, closer to what it should have been in the first place. The potential buyer sees this and feels that because there has been a price reduction, they have a psychological edge which will enable them to draw a harder bargain.
The right negotiation factor should be such that buyers feel anxious that if they don’t act quickly, then someone else will beat them to it.
The climate of competition in the first days and weeks of marketing, is usually the best opportunity to sell for the highest possible price.
At SCR, we can give you an HONEST appraisal with a realistic price you can expect to sell the property for. We can also offer practical advice on ways to improve the value of your property before selling, and how to get the most out of the process.