The importance of intelligent pricing:
Timing is extremely important in the real estate market. The most critical time frame after your house is listed is the first 6-7 weeks; it’s at this time that your property attracts the most excitement and interest from the real estate community and potential buyers. If the price is not set properly than you risk losing prospective buyers, especially in a buyers’ market. If you have already locked in a price which you feel is fair for your home, the chances are you do not want to waver far from the bottom line. BUT if your home has been sitting on the market for months, you must compare whether a price drop will be more beneficial than another month’s worth of rent.
Remember this rule of thumb: If you are getting buyers through the door but no bites, than chances are the problem is cosmetic. If you are not getting any showing the, chances are your home is priced too high. Compare your home price to those in your neighborhood on a regular basis (twice a month). If they are lowering their prices, than keep yours at or below their baseline.
Let’s say it together one more time:
Set a realistic price and terms from the very beginning.