RE/MAX associates
1060 Mcphillips Street
Winnipeg, MB R2X 2K9
Phone: (204)989-9000 Mobile: (204)291-6924 Fax: (204)582-4751 Email Rhonda

Setting the Correct Asking Price

Pricing is Almost Everything

Pricing is almost everything, offers are higher when  property is priced closer to market value.
The real eatate market sets the price, not wishful thinking or any other factors.
It is Simple law of supply and demand, the closer to fair market value your property is priced, the larger pool of interested buyers.

If a Property is Priced Properly, the Property can Attract Multiple Buyers.

When a house is priced too high, potential buyers know since they are looking at market data and typically stay away from viewing the property.
The Graph to the side shows that the highest volume of showings occur in the first 3 weeks when a property is new to the market and buyers are curious.
If priced properly, the property can attract Multiple Buyers.

A common mistake sellers make is to ignore the market data and attempt to list their property too high in price.
If over priced, the traffic will slow quickly after the initial showings and the longer a house sits on the market the greater the potential to stigmatize the property in the minds of the buyers as they will question why it has not sold and wondering if something is wrong with it and or creating a waiting game to see how low the price will go.

You will attract more interest on your property if it's priced right and those 

buyers will probally bring their best offers if they really want your house.

Three Types of Real Estate Markets:

Balanced Market:
This describes a market that is neither a buyers market or a sellers market. Houses are staying on the market longer than in a sellers market and prices are remaining stable.

Sellers Market:
This is when there are more buyers looking to purchase a house than there are houses listed for sale. Competition for house can be fierce and houses listed for sale may receive multiple offers resulting in selling over the list price and increasing market value.

Buyers Market:
This is when there are more sellers than buyers and there is a good supply of houses on the market.
Buyers can afford to take their time when looking for a house and there are many houses on the market.