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Don't Fall Prey to the Four Phase Pricing Problem Selling price determines value; asking price positions you properly in the market. Phase One
Begins with you pricing much higher than the market suggests. As always, we get good activity for the first week or two. You're hoping that the right person will appear and, of course will buy your property because they just have to have it. But alas, the showings slow down, no right person arrives, and the Realtors have decided that the house is overpriced. It's 3 months later and the activity has stopped!Phase Two
You realize that you should make some changes. So you call Realtor number two who says, "I can't change the market but I can suggest some improvements to your home". So you invest in some major or minor adjustments to up-grade while you wait....! You have set yourself up to be used, because now the house down the street will sell as a direct result of your over- pricing. Buyers are aware that you have recently renovated and are concerned that you expect to be repaid for the work. They will buy something down the street that they can redo themselves. So you wait........Phase Three
At this time, you call in the top gun. She says "I can't change the where, and I can't change the what, but I can change the how much".…So you lower the price. You are finally in the "Let's leave room to negotiate" pricing. Your new Realtor uses all her skills but still no offers. Most buyers want to know why it hasn't sold for so long.Phase Four
The "Let's sell it" stage. You slash the price below market value to gain attention and someone comes along and buys it! You've lost time and money, so price it well to begin with! |
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Kelly Burke RE/MAX REALTY PROFESSIONALS 403-259-4141 info@theburkegroup.ca EACH OFFICE INDEPENDENTLY OWNED AND OPERATED* |