After, over 15 years, as a Real Estate Licensed Salesperson, in the State of New York, I constantly, emphasize, with clients, customers, and/or, potential ones, in real estate, especially, selling houses (residential property), there is no – such – thing, as one – size – fits – all, in terms of using the finest – possible, selling/ pricing strategy! Times, market conditions, the current real estate market, the overall economy, supply and demand, etc, are among, some things, which affect pricing a house, to sell! One should remember, there is a significant difference, between the listing price, and what it, ultimately, sells – for, so the better, one understands, some of the possibilities, and proceeds, with an open – mind (without greed, etc ), the best, the results, in most cases! With, that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, what this means and represents, why it matters, and what they are.
1. Price according to a professionally – designed/ created, Competitive Market Analysis (CMA): I strongly, believe, in most cases, the smartest way, to price a home, is, on the basis of, a professionally – designed, and created, Competitive Market Analysis (CMA). When, one compares the subject property, to those, most – similar, in the specific location/ region/ area, it gathers, a real idea, of what, potential buyers, have, recently, been willing to pay! However, when local real estate markets, are, changing, dramatically, either up, or down, this must, also be considered, in creating a listing price, which creates the most – desirable, result, which, for – most, is securing the highest – possible price, in the shortest period of time, with the least amount of hassle/ stress!
2. Aggressive/ high pricing: When, the house is offered, at, what seems like an extremely, high price, many refer to that, as aggressive pricing! The best time, for this approach, is, during times, such, as the one, we witnessed, this past year, where the price of houses, keep rising, at significant rates!
3. Mid – range pricing: During, so – called, normal times, many prefer using, a mid – range, pricing strategy! This means, evaluating the market analysis, and, offering the property, for – sale, somewhere, in the middle of the indicated range!
4. Lower – end: Conditions, and situations, when lower – end, pricing strategy, may be indicated, include: when the seller needs to sell, as quickly, as possible; when, the house, may lack some of the most – preferred characteristics/ inclusions, the competition, has; and/ or, to encourage, more viewers!
5. Seek a bidding war: There are times, when, either, a particular property, set of circumstances, and/or, conditions, make it, a good time, to encourage a bidding war! This is, usually, done, by publicizing a lower, than usual, listing price, with the hope, it will bring – out, more, genuine, potential, qualified buyers, and, thus, more acceptable offers!
The key to selling your house, is, knowing what you need, and want, understanding current market conditions, and hiring, the best real estate professional, for your needs, etc! Since, for most, the value of one’s house, represents, his single – largest, financial asset, doesn’t that, make sense?