A property that is priced close to the expected Market
Value tends to generate the greatest amount of interest from qualified buyers.
A competitive asking price results in more qualified buyers who will include your home in their property search.
This creates an opportunity for buyers to develop an emotional connection to the property. Once an emotional connection is created, there is a greater chance that the buyer will accept a higher sales price or other terms that are favorable to you, the seller.
Additionally, a property that is competitively priced:
- Takes advantage of the prime marketing momentum that occurs when the property first comes on the market.
- Generates an increased number of showings
- Generates increased number of offers
- Generates realistic offers
- Sends a message to buyers about your motivation to sell
- Creates ease in the appraisal process
Experience has shown that the closer the gap between the perceived market value of the home and the asking price, the more likely you are to receive an offer.
Generally, homes that are priced more than 5% above the expected market value, will not receive purchase offers.
You increase your chances of obtaining a timely sale at or near your asking price, when the price is substantiated by comparable sales information.